The manufacturing industry is critical to a healthy economy as it is connected to 20 percent of total U.S. employment and 11.9 percent of total annual GDP. It’s a competitive industry that has always prioritized harnessing technology to try to deliver greater efficiency and productivity.
However, new trends are accelerating technological change and making it difficult for manufacturers to keep pace. To survive, they need to:
- Find new way to differentiate themselves by shifting from just selling products to driving results
- Focus strongly on data and insights provided by smart and connected equipment
- Modernize and evolve with technology
- Think beyond IoT and connected equipment to advanced analytics, ML, AI, bots, and other technologies
It’s clear that in today’s dynamic landscape, competitive edge is no longer based on product offerings. Now, it's all about the best and most profitable business models. By building and maintaining a continuous flow of information across a comprehensive platform, you can take advantage of data-driven outcomes that differentiate your business in the market.