Smart manufacturing is about creating an environment where all available information—from within the plant floor and from along the supply chain—is captured in real-time, made visible and turned into actionable insights.
Smart manufacturing comprises all aspects of business, blurring the boundaries among plant operations, supply chain, product design and demand management. Enabling virtual tracking of capital assets, processes, resources and products, smart manufacturing gives enterprises full visibility which in turn supports streamlining business processes and optimizing supply and demand.
SCM World’s recent field survey on smart manufacturing and the Internet of Things finds that while one in five today admit their factory operations are offline completely, this will drop to near zero in five years. Also, about 40% of survey respondents believe that smart manufacturing along with its foundational technology—the Internet of Things—is ready and that it’s the right time to invest. Only 3% dismiss smart manufacturing and the Internet of Things as pure buzzwords.