Investing in Manufacturing Technology in the Face of an Economic Downturn
First Resonance
ION is the modern Factory OS that innovative manufacturers trust for speed, collaboration, and real-time visibility.
Investing in Manufacturing Technology in the Face of an Economic Downturn
Challenges for manufacturers
All of the challenges of the past few years, from crippled supply chains to workforce shortages, are coming to a head with the added impact of the current macroeconomy. There are only two ways to approach it: lower costs or increase revenue.?
Just last quarter, CNBC reported that over 75% of the tech leaders surveyed plan on increasing technology spending this year, even with the uncertainty surrounding today's economic conditions. In that Technology Executive Council survey, leaders recognized technology not as a cost center but as a business driver. The report noted that Veeam CTO Danny Allan said, "If you look at what occurred over the past two years, it's clear that technology is the sustainable differentiator that sets companies apart."
Making hard decisions about keeping factories functioning
Keeping a factory functional is more complex than those outside the industry may realize. The data tracking, configuration management, reporting, and management alone are complicated. Historically, manufacturers have often made the wrong decision in uncertain times, choosing to cut the bottom of the totem pole; factory floor workers are the most valuable resource. Factory OS technology optimizes factories by eliminating the need for middle managers that report the status of machine uptime, production flows, and part defects. Instead, the right technology empowers the people and automation processes that help manufacturers continue to produce value for their customers.
Optimizing for increased revenue and decreased cost
During times of economic uncertainty, manufacturers don't have to choose between decreasing costs and increasing revenue. They can have both by investing in modern technology that only became available in the past 10 years with the advent of the cloud, mobile, and modern APIs. Manufacturers that lean into the connectivity that a digital layer delivers can lower overhead while also effectively capturing and analyzing real-time data through the entire production process, down to the individual machines.
ION by First Resonance delivers on Gartner's playbook?
According to Gartner, the triple squeeze compounding the recession threat is persistently high inflation, scarce quality talent, and global supply constraints. Their playbook on how to mitigate recession threats includes these 5 areas of focus:?
With a single solution, First Resonance helps manufacturers address all 5 of these recommendations from Gartner's recession threat playbook.
Flag the right signals to what needs to happen next-- automatically
Effective data capture and communication throughout the factory process creates opportunities to automate manual processes, like binning and determining whether or not to scrap material. ION can:
Using automation, technology, and connectivity to gather better information allows manufacturers to automatically analyze and report on system signals to determine:
"It bridges the barrier between what used to be back-and-forth emails and instead reports in real-time directly from the factory floor throughout the organization. This Factory OS works alongside the people doing the production to drive revenue," explains CEO Talati.
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How does ION help during uncertain economic times
To lower costs and increase efficiency on the factory floor, you need to know where you're starting. Talati believes that the secret to success lies in the hands of the factory floor workers: "The more you empower people to understand data, the more you empower people to quickly make better decisions based on?that data."
ION customers see powerful data insights coming from their manufacturing lines in real-time.?
Engineers and manufacturing operators have easily set up custom dashboards and charts on big screens on the factory floor, so technicians and operators can see exactly what the actual bottlenecks are on the manufacturing line.?
When those closest to the factory floor are equipped with the knowledge of what is happening around them, they can be empowered to tackle the company's big challenges rather than waiting for overdue reports coming from management alone
As a cloud-native application with modern APIs (application programming interfaces), connectivity is surprisingly simple and provides the type of data that can change the game, especially during challenging economic times.
Best practices to help you understand the health of your factory
"One of the fantastic value propositions of working with First Resonance and using ION is that we understand manufacturing very deeply. We understand best practices from our own experience working in a highly iterative supply chain and dynamic manufacturing environment," explained Talati
ION gives manufacturers the ability to tackle their most significant problems by:
Manufacturers that are starting to analyze data in this new context are reaping the rewards. ION's aerospace, automotive, and robotics customers have helped shape ever-evolving analytics functionality out of the box that gives reports and insights on critical floor data like part yield status, defect burn-down charts, production bottleneck recognition, and alerting.?
The resulting insights help manufacturers optimize their factory performance by making timely decisions during a time when every resource counts.
What can ION do for you? Find out now.