Study: Competitive innovation to dramatically increase in Manufacturing 4.0 era
The manufacturing industry's innovation emphasis will move toward the development of new product-related services, supply chain improvements and innovative business models to create new competitive advantages over the next five years.
Nearly 90% of senior manufacturing industry executives predict that the competitive importance and pace of innovation will increase significantly as companies deepen their adoption of Manufacturing 4.0 (M4.0) technologies, according to results from the latest “Innovation in Manufacturing” research survey, conducted by Frost & Sullivan's Manufacturing Leadership Council, Santa Clara, Calif.
In addition, as new M4.0 technologies, such as advanced analytics, assist companies with identifying disruptive new product developments and greater efficiencies and agility on the plant floor, the focus of innovation activities will increasingly shift beyond company walls. Instead, the manufacturing industry's innovation emphasis will move toward the development of new product-related services, supply chain improvements and innovative business models to create new competitive advantages over the next five years.