What to Consider Before Investing in New Manufacturing Trends

What to Consider Before Investing in New Manufacturing Trends

With the recent Renaissance of the manufacturing industry brought about by trends like the use of 3D printing, augmented reality, Internet of things and robotics, manufacturing companies are rapidly improving productions and increasing their customers’ satisfaction.

However, despite the new trends, some companies still manage to score poorly in their production mainly because of misplaced upgrading and additional asset acquisition. Below are the risk and reward equation manufacturing company executives should consider before deciding on investing on a new manufacturing trend.

Performance target analysis   

Before investing in a modern trend, the official should determine the performance target the technology investment aims to achieve. Determining how the investment will impact on cost, labor and how the technology will improve customer relations not only steers clear the targets, it also reduces the unnecessary expenditures incurred through the useless upgrading of systems and increases flexibility in manufacturing activities.

Value cost analysis   

Understanding how the technology will enable the target level of performance is critical before investing in the technology. Executives should weigh on the value of investing in the technology against the value of the output that will come through the technology. The output value should outweigh the cost incurred to invest in the technology.

Understanding the implications of the technology in line with future operations

The technology should align with the company’s culture and targets. Executives should consider the feasibility and scalability of the technology before investing in it. How easy is it to integrate the technology into the company’s systems without causing any mishaps or technical hitches?