4 technology trends that will affect your business
New technology is gaining momentum in most areas of business. It is important to invest big, but also to be thoughtful. One thing you hear often is "Never do something that is not directly linked to business value". Keep this in mind as we now present these 4 technology trends our experts believe will impact you and your company going forward.
In order
Efficiency is the main focus for many companies within the Swedish industry sector today. With calculations, sales statistics and forecasts, costs can be kept down, which may be more important than ever in these uncertain times. But one thing is crucial to the effect: that you have the correct data. That’s where many companies are failing today and it may be because many people find it boring to review their data, they rather want to rush forward. But using the wrong data can be disastrous.
If information about prices, material consumption or time is incorrect when the company makes its calculations, the consequences can be large when. Basically, the “wrong data in makes wrong data out”. To avoid serious mistakes, companies need to ensure that the data in the systems is accurate before using it to make calculations supporting important business decisions. The companies that take the time to go back and check all the data can see big gains from this.
Automation and robotization
Robot technology has become considerably less expensive and therefore also available to more companies. By robotizing all or part of the manufacturing process, production can become more efficient, and automation is a given for the large Swedish industrial companies. For small and medium-sized companies, on the other hand, it is a challenge. In part it is challenging to have enough resources and it is also challenging to understand in full how automation and robotization could contribute to development.
The technological development makes robotization possible and at an even lower cost. And it goes fast. Today for example, with the aid of a robot, you can build polymer-based solutions, spray different types of plastics or build from granules to finished products. There are also other aspects of robotization besides efficiency and resource savings. The technology can reduce the wear on people, which comes at a high cost for both society and individual people. Removing dangerous work steps becomes possible with the robotization. So, what many small and medium-sized companies need to learn and understand in the long term is the possibilities with the technology to increase their competitiveness.
3D-printing
The technology of 3D printers, so-called additive manufacturing, has become less expensive and the machines smaller, which allows more companies to invest. 3D printing is growing, and Sweden is one of the leading countries. The production method of additives differs greatly from traditional manufacturing, where products from a metal block are punched out. In additive manufacturing, metal powder is used instead as raw material. Robots build up the structure layer by layer in heat-tight chambers and when a layer of metal powder is placed, it is melted by a laser beam or electron gun.
The new manufacturing process requires that the entire process changes, from product design to production. Already at the research and development stage, one needs to plan for how the products can be built in a way that is efficient and utilizes the raw material. The new method of production also changes the need for skills in the companies. Instead of machine operators, 3D techniques are required to draw and calculate the designs. The advantages of 3D technology are faster construction time and that you can add changes to the design without increasing costs. In addition, it is easier to manufacture customized products, and they can be built with high durability.
Forecasting
Being able to forecast demand optimally is a tool for keeping costs down. It is also a way to streamline production. With good forecasts, the goods are already manufactured when an order arrives. Good forecasts are an important tool for industrial companies to plan future needs for materials and resources.
AI is an exciting technology for efficient forecasting where the system improves through machine learning and gradually becomes more and more skilled in its forecasts. There is plenty of research around machine learning and there is rapid progress that Swedish industrial companies can benefit from in their operations. By analyzing historical data, the system can draw conclusions about future sales. To produce as accurate forecasts as possible, the system can also use other relevant sources, such as day of the week, web searches, social media activity or weather - all depending on the product and industry.
The benefits of good forecasts are of course many. When the company anticipates demand well in advance and is therefore ready to deliver when the order is placed, the customers will be satisfied. At the same time, inventory costs are reduced. With machine learning, the system can become even more accurate in its forecasts of sales, resource needs and raw material needs - which creates the opportunity for increased profitability.