Global spending on IIoT Platforms for Manufacturing is predicted to grow from $1.67B in 2018 to $12.44B in 2024, attaining a 40% compound annual growth rate (CAGR) in seven years. IIoT platforms are beginning to replace MES and related applications, including production maintenance, quality, and inventory management, which are a mix of Information Technology (IT) and Operations Technology (OT) technologies. Connected IoT technologies are enabling a new era of smart, connected products that often expand…
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MRP vs ERP – What’s the Difference?
The progression manufacturers are making from MRP to ERP has its basis in how diversified their product lines have become in response to customers’ need for more versatile, configurable and customizable products. Many manufacturers got their start producing the same product using components they sourced locally or made themselves. Customers weren’t given the option of customizing products. Doubling down on manufacturing efficiency, the core process areas of Bills of Materials (BOM), Inventory Tracking and Master Production Scheduling…
The Era of Manufacturing Process Automation Is Here
61% of manufacturers are making large-scale operational improvements to their shop floors, including manufacturing process automation systems in 2019 to continue the strong growth they achieved in 2018. Improving shop floor productivity is 1.4 times more important to manufacturers than making marketing improvements to drive more sales leads. Investing in improving product and service quality fuels growth, keeps customers for life, and leads all technology spending by manufacturers in 2019. Manufacturers are turning to robotics…