TROY MI – Investments in technology are “essential” for the growth of the US manufacturing sector, a new report asserts.

Innovation is building a “data-driven factory of the future with robotics, augmented reality, 3D printing, Internet of Things and other technologies, creating an environment of higher productivity and reduced costs,” adds PwC, authors of The 2016 Industrial Manufacturing Trends Report.

The report adds that many of the technological innovations used in manufacturing today will be commonplace within the next five to 10 years, meaning that manufacturing executives “must lead with an eye toward that reality, and not merely the current bottom line.”

Given today’s leading-edge capabilities, the report says, it’s reasonable to envision — and prepare for — a data-driven factory of the future where all internal and external activities are connected through the same information platform. Under such a scenario, customers, designers and operators will share information on everything from initial concepts, to installation, to performance feedback throughout the life cycle. Operators will access materials on demand, collaborate with robots to use them safely and ergonomically, and rely on virtual work instructions presented at the point of use. Assembly lines will output highly personalized products, sometimes in a lot size of one, that contain zero defects.

PwC believes four technology categories are already driving much of the change:

• Internet of Things (IoT), or the connected factory
• Robotics
• 3D printing
• Augmented reality.

The consulting firm advises manufacturers to determine the specific areas to improve in an organization, and understand how new technology help differentiate the value provided to customers?

It further recommends companies understand how new technologies will enable that level of performance — and weigh the value of achieving that performance against the cost of the technology. 

Finally, it advises manufacturers determine technology scalability and other operational and organizational implications in regard to company visions for the future factory.