Incorporating additive manufacturing tools, transforming the workforce, simplifying implementations – these were a few themes discussed in a recent webinar hosted by First American Manufacturing Finance and EOS North America. Whether you are simply trying to better understand the “Digital Transformation” and how it might improve operations, or you are on the forefront of Industry 4.0, it is important for manufacturers to understand what factors to consider when evaluating the path forward.
1. Industry 4.0 is here and additive manufacturing is playing a big part
Production flexibility will be a key component to remain competitive in the fourth industrial revolution. In the Factory of the Future webinar, Dr. Greg Hayes of EOS North America explains how manufacturers navigating the age of Industry 4.0 utilize additive manufacturing technologies that are flexible and can be distributed based on the needs of manufacturing processes. Machines look the same, are all connected together, can be controlled remotely, and systems are not tied to producing only one specific product or producing one step of the manufacturing process.
2. Manufacturers are evolving, not replacing their labor force
There is a false perception that automation will lead to significant job losses. A recent Harvard Business Review publication describes how “no less significant than the jobs that will be displaced are the jobs that will change—and those that will be created.”
Companies are implementing Specialized Education Platforms to evolve and not replace their labor force, making it a priority to prepare employees for Industry 4.0. Manufacturers are developing educational programs and forming a culture that promotes learning and collaboration.
3. Sophisticated tools exist to help manage implementations
A critical component of Industry 4.0 is the equipment and associated software transforming manufacturing operations. Implementations can be costly, include down payments, and often times are complex. It can be a challenge to develop a funding model that supports these critical projects.
Manufacturing-focused finance organizations, like First American Manufacturing Finance, develop highly customized financing solutions to overcome these challenges and help achieve an Industry 4.0 vision. Since there is no "one-size fits all" approach for manufacturers, each financing solution can be uniquely crafted to meet the specific needs of each company, helping to improve cash-flow and support a continued investment in the organization.
To watch the recording of the webinar, visit: www.ManufacturingFinance.com/Webinars