{"id":46933,"date":"2023-02-22T16:56:06","date_gmt":"2023-02-22T21:56:06","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46933"},"modified":"2023-02-22T16:56:06","modified_gmt":"2023-02-22T21:56:06","slug":"3-ways-digitization-is-changing-the-manufacturing-industry","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/3-ways-digitization-is-changing-the-manufacturing-industry\/","title":{"rendered":"3 Ways Digitization is Changing the Manufacturing Industry"},"content":{"rendered":"

[vc_row][vc_column][vc_single_image image=”46934″ img_size=”large” alignment=”center”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]There\u2019s a digital transformation happening in the manufacturing industry, meaning that technology is being used more and more to improve efficiencies and business outcomes. To be clear, digitization is different from digitalization: digitization is akin to taking a non-digital format and turning it into a digital one (so think of mail vs. email, or models vs. CAD drawings). But are companies prepared to increase their use of digital tools? According to a survey conducted by Jabil<\/a>, just 23 percent of industry leaders noted having a company-wide strategy to implement a digital transformation. If your business is part of the vast majority of manufacturers who don\u2019t know where to start, let us show you 3 ways digitization is changing the manufacturing industry.<\/p>\n

It’s Increasing Speed<\/strong>\u00a0<\/strong><\/p>\n

It might seem obvious that moving toward digital innovations can increase the speed of your manufacturing processes. Consumers are changing their minds more often than ever, and new products seem to be hitting the shelves a breakneck speed. With digitization, your throughputs and cycle times can benefit greatly. New projects are able to move quickly through the manufacturing process, ensuring your company is able to meet aggressive deadlines and get an edge over the competition. Currently, a lot of the manufacturing process is incredibly manual. For instance, 3D models may be translated into physical 2D spec books, which are then reviewed and marked up by engineers. That leaves a lot of room for human error, and it makes it nearly impossible to work with engineers outside of your physical location. Which leads us to\u2026<\/p>\n

It\u2019s Creating Cohesion<\/strong><\/p>\n

The United States is a global economy, meaning we import and export goods and services from across the world. Without digitization, manufacturers are stuck in a tough spot\u2014that \u201cspot\u201d being their immediate geographical location. As a global industry, manufacturing is hit hard when it\u2019s not possible to share data with multiple locations and partners. Not only does digitization streamline information sharing, it also makes the \u201cfollow the sun<\/a>\u201d model even more realistic. When data is readily available to any partner regardless of location, it\u2019s possible to keep the lights on 24 hours a day.\u00a0<\/strong><\/p>\n

It\u2019s Improving Iteration<\/strong><\/p>\n

We already do a fairly good job iterating on technology (how often are you asked to update the operating system on your mobile devices because of new enhancements or bug fixes?). With digitization in manufacturing, we\u2019re able to iterate quickly on products as well. Data sharing increases iteration speed by allowing companies to get a jump on new trends, customer needs, and can\u2019t-miss market opportunities.<\/p>\n

The manufacturing industry is evolving, and we\u2019ll continue to cover<\/a> key areas in which you can make improvements for your own business. Should you get to the point where you\u2019re ready to make an investment in your company, a revolving line of credit like BANKROLL<\/a> from ARF Financial could help fund your needs. Stop by today to learn more about our lending process<\/a>, and then get in touch with one of our expert loan consultants for details on how your business could benefit from extra cash on hand.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_single_image image=”46934″ img_size=”large” alignment=”center”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]There\u2019s a digital transformation happening in the…<\/p>\n","protected":false},"author":5,"featured_media":46934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[868],"tags":[1059,398,402,400,399,443,386,535,220,213,1034,870,872,1033,877,1032,1035,943,173,401,224,222,172,142],"class_list":{"0":"post-46933","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manufacturing-financing","8":"tag-3-ways-digitization-is-changing-the-manufacturing-industry","9":"tag-affordable-business-loans","10":"tag-affordable-small-business-growth","11":"tag-business-expansion","12":"tag-business-growth","13":"tag-business-line-of-credit","14":"tag-business-loans","15":"tag-equipment-leasing","16":"tag-flex-pay-loans","17":"tag-line-of-credit","18":"tag-manufacturing-brown-field-projects","19":"tag-manufacturing-business-loans","20":"tag-manufacturing-expansion","21":"tag-manufacturing-green-field-projects","22":"tag-manufacturing-line-of-credit","23":"tag-manufacturing-loans","24":"tag-manufacturing-revolving-line-of-credit","25":"tag-operations","26":"tag-restaurant-funding","27":"tag-small-business-expansion","28":"tag-small-business-financing","29":"tag-small-business-funding","30":"tag-small-business-growth","31":"tag-working-capital"},"acf":[],"yoast_head":"\n3 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