Companies must remain at the forefront of technology to survive in an ever-changing world. Innovation did not slow down after the pandemic. According to a report from the Global Innovation IndexInternational patent filings hit a new record in 2020. Venture capital deals also grew by 5.8%.
Innovating is just as important in manufacturing as it is in any other industry. The effects of the pandemic highlighted the importance of disruption and new ways to think about supply chains and production. The old guard of manufacturers won’t be able to find innovative solutions for the many unexpected problems that will arise.
Smaller businesses often feel that innovation is a dollar sign. This can threaten to eat into already tight margins. Small and medium-sized businesses rely on innovation to drive growth against established companies. Luckily, small manufacturing plants can reconcile the need to use cutting-edge practices and a bare-bones budget with strategies that are––well––innovative.
Here are three ways manufacturers are using innovation without a massive R&D department:
3D printing
3D printing was developed in the 1980s. It has been growing in popularity since then. A commercial-grade printer can be purchased for as low as $1,000 by any company today.
While it may be tempting to dismiss 3D printed as a gimmick or for hobbyists only to make models or unique art designs, 3D printing is an important tool for manufacturers who want to invent. One of the greatest advantages is the ability to quickly replace parts on the production line. A broken gasket can be repaired in hours rather than weeks using the right fibers. This saves thousands of dollars and allows you to reduce production time.
Creating new parts isn’t the only advantage of 3D printing. This technology allows manufacturers to create value for their customers by creating value-added services. Customers of all sizes will find it attractive to see realistic packaging mockups, custom parts, and rapid prototypes.
And speaking of prototypes––3D printers can be used by engineers to test ideas and improve processes overnight. These types of innovations can reduce costs, speed production times, and make a difference in smaller operations.
Robotics
Robots are often seen in futuristic cartoons and sci-fi movies. But they have been an integral part manufacturing for over 50 years. Although robots can speed up production and increase quality control, custom systems can run upwards to $150,000. That’s a huge upfront investment for some organizations.
The good news? Robotics companies are innovating in a similar way as other industries. And robotics technology is available without having to spend $100k or more through leasing or rental programs.
Renting robotics Companies can take on more production than usual and this has helped to fill labor shortages in the last year. Companies can also temporarily hire a robot to test out new strategies and avoid taking on huge financial risks.
Software for Operations Excellence
As Arthur Conan Doyle’s Sherlock so eloquently stated, “It is a capital mistake to theorize before one has data.” Effective innovation relies on having good data And It is important to analyze this information.
We’re living in the information age, and access to numbers is available to any manufacturing company that wants it. Software that enables operations excellence (OE), can easily be implemented to provide key insight into the workings of a production plant. Software solutions that are efficient will provide output and efficiency updates, spot maintenance issues, and highlight line disruptions caused by poor practices.
Organizations can make informed decisions about which innovations will pay off and which ones are not.
Innovation builds on itself. That’s the beauty of innovation. Implementing one or more of these simple strategies will help small and mid-sized manufacturers identify solutions to problems they haven’t even realized exist yet. Flexible businesses will find their disruptive niche by solving inefficiencies one by one through smart innovation.