The manufacturing industry encompasses giant multinationals as well as small manufacturers. Like other industries, the manufacturing industry is diverse, and each player has a different speed and approach towards digitization.
The COVID-19 Pandemic has forced the manufacturing industry to undertake extraordinary measures for protecting its people and maintain operations. The companies that already scaled digital technologies experienced a win-win situation. Companies that were in the middle of scaling got some time to for reality-check. Nevertheless, for manufacturers that have not started their digital transformation journey, it was a wake-up call.
However, the advancing and evolving technofixes accelerated digital transformation in manufacturing. Many companies adopted broadband networking to work on cloud-basic computing and integrated storage, sensor technologies, and more. The Industry 4.0 resolution drives the fundamental market shift making way for a new wave of digital disruption.
Digital transformation in manufacturing is equivalent to migrating value away from the legacy products to the products commoditized by the data generated through those products and the insights driven out of that data. Besides, advanced digital technologies are enhancing productivity due to effective optimization of manufacturing products through automation.