Manufacturers in particular have felt unprecedented distress. Recent data from the U.S. Federal Reserve shows that 86 percent of industries have cut production since November 2008. That’s the most widespread reduction since the government started tracking this statistic in 1967.
The dramatic decline in demand for consumer and capital goods – a major hallmark of this recession – is compounded by an equally rare combination of additional market forces. Those include volatile energy costs, increasing global competition, and tighter government regulations.
Yet there is good news: The innovative technology and sophisticated operational systems that manufacturers need to thrive in this new economic climate already exist. Significant advances in automation technology – combined with the principles of Manufacturing Convergence – can help manufacturers optimize production and gain the efficiencies necessary for success in the new economy.
Manufacturing Convergence is the merger of traditionally disparate functions and systems across the enterprise. Through this union, all information sources can be streamlined to allow for access of the right information, in the right place, at the right time and in the right format. This eases configuration, visualization, maintenance and optimization of processes and critical plant assets. IT and the shop floor can share information seamlessly and securely, unleashing new opportunities for collaboration throughout the plant, and across the supply chain. Integrating machine control with power control opens opportunities to further reduce costs, improve design for manufacturability and help preserve energy.
Together, convergence and the advanced technology that enables it are helping forward-thinking manufacturers position themselves for prosperity … in any economy.
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