Tag: manufacturing ai

What Is the Best IR4 Technology to Get Faster ROI From Digital Transformation?

Posted on by Neewee

Holistic digital transformation (DX) is the implementation of digital technologies in all areas of your manufacturing business, resulting in fundamental changes to how your organization operates and delivers value to customers. It’s a radical change that challenges the status quo, urging you to get comfortable utilizing production data and advanced technologies at all manufacturing levels. Simply put, holistic digital transformation extends beyond digitizing existing processes. It encompasses deploying digital technologies to enable new business models and enhance revenue streams. The underlined objective is improved business efficiency, cost reduction, and delivering value to customers.

The Current State of Affairs—

Why are Manufacturing Companies Struggling to Get ROI from Digital Transformation?

The term “digital transformation” is often used interchangeably with “smart manufacturing” or “Industry 4.0”. However, while all three terms are related, they are not the same. Smart manufacturing may be better understood as the outcome of holistic digital transformation. It involves the application of Industry 4.0 technologies to manufacturing processes for improved operational efficiency, quality product delivery, and flexibility in production planning.

Recently McKinsey reported Industry 4.0 technologies can unlock significant value across multiple areas of a factory network. [1] 30% of manufacturers plan to invest more in digital transformation in 2022. Most manufacturers measure the positive effects of digital transformation in terms of ROI and reduced costs. [2]

However, according to the McKinsey study, a massive 70% fail to capture full value from their digital initiatives because the companies:

  • approach digital transformation in a siloed manner.
  • are focused on isolated implementation of certain technologies and not planning a holistic framework,
  • do not align their digital initiatives with their unique manufacturing goals.

Where to go from here? —

Digital Twin Technology and AI/ML as Potential Solution for Manufacturing Companies to Get Faster ROI.

Manufacturers are now spoilt for choice when it comes to exciting options in technologies for Smart manufacturing. But are you making the right decision that will help you reach your specific manufacturing goals? The question of the day is; are you picking a technological solution that is customized to your needs? To whom does your organization turn for trusted technology solutions that are designed to solve YOUR specific manufacturing problems?

Soon, AI/ML will likely take the driver’s seat in the digitalization of manufacturing companies. Many industry experts agree that the “Digital Twin” technology will accelerate this change. A digital twin is a virtual replica of every machine, process, and product in your entire manufacturing system. An end-to-end simulation of the manufacturing value chain in real-time enables the production planners to visualize outcomes and foresee shopfloor events.

Additionally, when ML-driven AI is deployed, you get accurate actionable insights and timely recommendations for building optimized production models. Based on advanced data analytics, you can adjust parameters to create multiple versions and arrive at the best plan that promises process efficiency and overall improved production.   

Neewee’s Digital Twin and AI/ML technology have the potential to revolutionize the manufacturing industry. Companies can get faster ROI on their digital transformation investments as our AI eliminates manual experimentation and provides data-powered algorithmically driven real-time solutions. Accurate data visualization enables informed decision-making that can optimize resource and capacity utilization.

Companies that produce high-quality products efficiently always deliver 2X customer satisfaction. In other words, if a company can manufacture products quickly and without defects, it has enhanced productivity, which will ensure it retains and grows its customer base. While it may seem like common sense that such a favorable situation translates into ROI, it is not always easy. Any manufacturer would be able to share how new challenges keep cropping up and hidden factors impacting performance can become difficult to identify.

Neewee’s AI/ML technology solutions help companies overcome challenges and maintain production efficiency to ensure that they are able to deliver 2X customer satisfaction on time and get faster ROI, every time!

References:

[1] Gregolinska, E., Khanam, R., Lefort, F., & Parthasarathy, P. (2022, April 13). Reaching scale in the Fourth Industrial Revolution | McKinsey. Www.mckinsey.com. https://www.mckinsey.com/business-functions/operations/our-insights/capturing-the-true-value-of-industry-four-point-zero

[2] Quixy. (2022, May 7). Top Digital Transformation Statistics in 2022 & beyond | Quixy. Quixy. https://quixy.com/blog/top-digital-transformation-statistics-trends-forecasts/

Back-to-Back Success for Neewee’s Digital Twin Technology.

Posted on by Neewee

Predicting manufacturing defects and malfunctions in the process.

In quick succession to our story of how Neewee got listed as a Digital Twin Operator in an influential business and technology report, here is yet another. We are elated by the newest feather in our metaphorical hat!

The “Smart Factory Trend Report”, distributed by the Japanese TECHBLITZ, lists eight categories of digitalization services that will shape the future of manufacturing. We are proud to share that Neewee features as a representative in the ‘Design & Simulation’ category for our Digital Twin technology.

An article published online as a summary of the report points out that AI-powered design data visualization delivers accuracy in simulation. It also improves the iterative process efficiency. All crucial for product development.

Read the overview of the full report published here. 8 CATEGORIES OF SMART FACTORIES THAT ARE THE FUTURE OF MANUFACTURING – TECHBLITZ

Transformational Impact Through Connectivity

The industrial internet of things (IIoT) is the ecosystem of devices, people, and processes that are connected and interoperable. To briefly define the Digital Twin, it is a virtual representation of all those physical objects and processes in the entire manufacturing value chain. IIoT enables the data collection from various sensors, and Neewee’s AI app helps process it in real-time. The digital twin creates simulations of every step in the production process, unlocking valuable insights that help improve decision-making. The digital twin technology optimizes process efficiency in different manufacturing areas—product design and production to marketing— impacting business outcomes significantly. Thus, the potential for increased productivity using digital twins is immense as it transforms the entire industrial operations into intelligent manufacturing.

Neewee’s Digital Twin Technology for Predictive Analytics and Monitoring Production Performance.

Manufacturing is a cost-intensive and time-sensitive process. Predictive analytics in manufacturing can help companies forecast process variations, reduce waste, and control costs. Predictive analytics can also help manufacturers improve quality and provide more personalized customer service.

Dynamic, data-powered simulation of the physical world with the digital twin technology is a boon for predictive analytics. Getting an organization-wide view of shop-floor realities is key to effective decision-making. Statistical and analytical models help production managers predict and control future events in the process workflow. Predictive analytics uncovers patterns in production data to detect dysfunctional processes, which can cause anomalies in the output. Manufacturers can mitigate such risks if they receive timely actionable insights.

The digital twin also helps forecast deviations or disturbances in the manufacturing process before they occur. For example, if it predicts an issue with the equipment, an alert gets sent out to the production team. That helps them fix the equipment before the issue escalates and becomes an actual problem. The production team gets saved from unexpected downtime, which could have caused delays in batch-cycle time. Thus, a digital twin operator can help manufacturers save money by preventing any small or big interruption of the production line. Aside from monitoring production performance and catalyzing production flexibility, predictive analytics with the digital twin supports maintenance tasks too.

By aligning Neewee’s Digital Twin to the value you expect from your manufacturing processes, you can optimize production efficiency and enhance quality with a targeted approach.

Gartner’s survey revealed Digital Twins are entering mainstream use. Benoit Lheureux, research vice president at Gartner said, “Over two-thirds of companies that have implemented IoT will have deployed at least one digital twin in production.” This rapid growth in adoption is because digital twins are delivering business value and have become part of digitalization strategies. [1]

On the other hand, Thomas Kaiser, SAP Senior Vice President of IoT said, “Digital twins are becoming a business imperative, covering the entire lifecycle of an asset or process, and forming the foundation for connected products and services. Companies that fail to respond will be left behind.” [2]

You do not want to be left behind. Act now! Book a Demo.

For those who missed the detailed enumeration of “What Is a Digital Twin?” and the value it brings to manufacturing, read our previous post here Forrester Lists Neewee Amongst Digital Twin Service Providers in 2022 Report – Neewee

References:

[1] STAMFORD, Conn. (2019, February 9). Gartner Survey Reveals Digital Twins Are Entering Mainstream Use. Gartner. https://www.gartner.com/en/newsroom/press-releases/2019-02-20-gartner-survey-reveals-digital-twins-are-entering-mai

[2] Marr, B. (2017, March 6). What Is Digital Twin Technology – And Why Is It So Important? Forbes. https://www.forbes.com/sites/bernardmarr/2017/03/06/what-is-digital-twin-technology-and-why-is-it-so-important/?sh=1b2ef4c52e2a