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As the year begins and many start to plan ahead, companies in the industrial sector are hesitant about what 2023 might hold for them.
2020’s pandemic brought with it labor shortages and recently, we’ve experienced geopolitical tensions that have put a lot of stress on global supply chains, which were struggling for some time. We seem to be on the brink of a global recession, with increased inflation and interest rates directly impacting, among other things, business expenses.
Here’s the good news! With technology, it’s possible to manage your OpEx more efficiently. In fact, technology is able to help industrial companies overcome some of the hardships they had to face in 2022. Now, as we look ahead, it will do the same.
The technology trends below give you a sneak peek into what’s already started to happen and will continue for the year to come, i.e. how technological solutions directly impact businesses’ bottom lines.
#1: Predictive maintenance
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Traditionally, machine health and efficiency have been hard to guarantee. But with developments in IoT (Internet of Things), you can get more insight into how your machines are working, and where potential problems could be.
How this could help your business
Having access to predictive maintenance solutions is almost like having a crystal ball. With it, you can prevent downtime since you’ll know something is wrong with a machine before it even stops working. It also can prolong the machine’s lifespan and cut maintenance costs related to downtime and machinery replacements. That means significant cost savings for your business.
What predictive maintenance solutions look like
Here are just three examples of technologies you can implement: AI; thermal sensors; and acoustic monitoring sensors. You can put AI to work detecting any potential malfunctions in your machinery. The data analyzed by AI may come from different types of sensors - thermal sensors, for example, monitor machine temperature to detect any significant changes - like overheating. Acoustic monitoring sensors, on the other hand, use sound waves and frequencies to alert you to any irregularities in how your machines are working.
#2: Worker productivity & safety
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The safety and productivity of your workers are probably some of your highest priorities. Thanks to wearable tech, you’ll be able to make your workforce more efficient and safer in 2023.
How this could help your business
A safe workforce is a more productive workforce. And for you, decreased spending on work-related injuries and higher-yielding production lines are obvious business advantages.
What worker productivity & safety solutions look like
Imagine equipping your mechanical experts with AR glasses that let them support on-site maintenance inspections remotely. How about smart sensors fitted to every machine and person on the floor, that show you where they are in real time? Now add wearable vests that monitor vitals into the mix. It all makes for a better workplace for your workers, which positively impacts your business.
#3: Supply chain optimization
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Supply chain disruptions are considered one of the biggest threats to the growth of the industrial market and brand reliability. And with technology, we could potentially bridge every single gap in them, keeping them flowing efficiently.
How this could help your business
New technology promises to bring enhanced traceability of goods at every point of the supply chain. This means you know where your products are at all times. It also means fewer damaged goods are shipped, thanks to more control of the shipping environment.
What supply chain optimization solutions look like
Adding route optimization software and RF (radio frequency-based) scanners to your supply chain means you get more visibility into where your products are. Also, IoT-powered sensors let you measure and monitor the conditions of shipping containers so you know what state your goods are in. It’s the most transparent that supply chains have ever been.
A few final words
There are many new trends you’ll want to keep an eye on as 2023 progresses and you may be asking yourself, “What’s next?”.
At SOSA, we globally source and validate startups for corporations like yours, ensuring your innovation team finds exactly the technologies that directly impact the bottom line. We don’t just find you the best-fit technologies for your business, but also take you to the finish line with pilots, implementations, or investments.
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