Manufacturing companies: Process optimization as a key to success
67 percent of European manufacturing companies are increasingly focusing on digital transformation and intensifying their efforts. Five developments are driving process optimization in the process.
Digital transformation has become an increasingly important priority for 67 per cent of European manufacturers, despite the challenges of the past year, according to a new study. The research, commissioned by Panasonic and conducted by industry analyst Aberdeen, found that many companies have recognised the important role technology plays in faster time-to-market, better overall equipment effectiveness (GAE) and advanced innovation, and have stepped up their efforts accordingly.
Five drivers
Five key developments are driving process optimization decisively:
- Increasing pace of innovation / changing business models (34%)
- Customers expect a clear differentiation from competitors in terms of quality (34%)
- Required cost savings (31%)
- Need for better and more flexible response to business needs (30%)
- Changing supply requires dynamic manufacturing and purchasing processes (30%)
According to the definition in the Aberdeen study "Process optimization in the manufacturing industry: the key to success", a company is considered an industry leader if it produces sophisticated products at the best price-performance ratio in the shortest possible time. These manufacturers rank among the top 20 percent industry-wide and, compared to other competitors, they achieve the set sales targets with more products, show a higher delivery reliability and create shorter lead times compared to the previous year.
The numbers speak for themselves. The Aberdeen study found that leading manufacturers:
- Introduce 31 percent more new products that meet their production targets.
- were able to reduce their downtime by a factor of 2.4 compared to the previous year.
- reach decisions 1.4 times faster than in the previous year.
- with 37 percent more products already achieving their quality targets at design release.
- were able to increase their overall asset effectiveness (GAE) by 34 percent compared to the previous year.
"The study shows that digital transformation is only the first step on the road to the smart factory," explains Edin Osmanovic of Panasonic Business & Industry Solutions. "It is the prerequisite for the necessary process optimizations, with which companies not only secure decisive competitive advantages, but also industry leadership. With the help of new technology, efficient innovations can be driven forward to reduce costs and increase quality at the same time."
The study is available for download via https://info.business.panasonic.eu/Manufacturing_Process_Optimisation_Research.html ready.
