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How Advanced Manufacturing Can Move a Company Forward

What is Advanced Manufacturing?

Advanced manufacturing refers to using innovative technologies and processes to enhance production efficiency, increase product quality, and minimize waste. It encompasses various manufacturing practices and methodologies including 3D printing, robotics, automation, and artificial intelligence.

Advanced Technologies and Processes

Below are some examples of advanced and innovative technologies that are being used by manufacturers today. Even if these technologies aren't a good fit for your company now, learning more about them can help you decide if they would be a good fit in the future.

Digital Technologies

One aspect of advanced manufacturing is the integration of digital technologies into production processes. This can involve the use of digital twins, which are virtual replicas of physical products, machines, or even entire factories.

Using virtual replicas allows manufacturers to try out changes to processes before actual implementation or products before actual production. This is a great way to fine-tune processes and products without the risk of failure.

Robotics and Automation

Robotic systems can be helpful for manufacturers, especially for repetitive or dangerous tasks. This would free up human workers to handle more skilled jobs.

Automated systems can also improve efficiency and reduce waste. Automation can control production processes and detect problems in real-time, allowing quicker fixes and less production downtime.

Artificial Intelligence (AI) and Machine Learning

AI and machine learning can analyze large amounts of data to identify patterns and make predictions.

For example, AI can optimize production schedules, reduce energy consumption, and improve product quality. Additionally, machine learning algorithms can train robots to perform tasks that would be difficult or impossible for humans to perform.

3D Printing

3D printing has gained popularity over the last decade due to its many uses for individuals and businesses. Creating smaller, custom parts can be helpful for creating prototypes and small-scale production runs.

Another added benefit is the ability to offer custom products to customers. This additional service may give you an edge over the competition.

Materials Science

Materials science involves the study of materials and their properties, as well as the development of new materials with specific properties.

Is there a better way to make your products or better materials to make them more superior? Continuous research into materials will provide opportunities for improving products such as making them lighter, stronger, and more durable.

Benefits of Advanced Manufacturing

Advanced manufacturing can provide many benefits. Here are a few:

  • Increase in production efficiency and reduction of waste
  • Real-time problem detection
  • Enable companies to create products using 3D printing that were thought impossible or very difficult to produce
  • Products can be made lighter, stronger, and more durable using advanced materials
  • Stay competitive in an ever-changing market
  • Respond quickly to changing customer demands, reduce production times, and improve product quality
  • Enter new markets by producing new products

Advance with the Times

A company that doesn’t look to improve its products and services will have difficulty competing in today’s world. “That’s how we’ve always done it” isn’t enough.

As with all business changes, do your due diligence and see what works best. It’s probably not feasible to try and implement all the above methods, so maybe look at one or two methods and see how some can help your company move forward.

If you have questions or want to talk more about advanced manufacturing methods, reach out to one of our accounting professionals.

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Biz Tip Topic Expert: Todd Clemens, CPA, CFE, CGMA

Todd Clemens, CPA, CFE, CGMA

Todd is a Principal at SVA Certified Public Accountants and works with closely-held businesses in the manufacturing, distribution, and construction industries. His specialties include offering assurance services (audits, reviews, compilations, forecasts, and projections), mergers and acquisition services, fraud and litigation support services, and outsourced CFO services.

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