published on 11/11/2022 9:00:00 AM in World and Machinery
Industrial machinery plays a leading role in manufacturing processes. Whether it’s loading or excavating, lifting or material handling, industrial vehicles set out to do a specific job, and do it well (accompanied, of course, by the right at-tire!). But as we become further immersed in Industry 4.0, which industrial trends will be taking off in 2023? Sit back and relax, as we take you through our lowdown of all things industrial that you should be looking out for in the year to come.
The Internet of Things
The Internet of Things’ status as an up-and-coming trend is hardly news, yet we predict that 2023 will be the year of its biggest development and innovation yet – particularly in the manufacturing industry.
But why? Well, IoT provides manufacturers with real-time data, enabling them to make informed decisions during their daily processes. For example, IoT can enhance efficiency and safety in the workplace, while also aiding product development and cost reduction. In light of the pandemic, the world has taken a significant shift to remote working. Perhaps this is a reason why IoT technology’s remote monitoring abilities are so appealing! IoT devices can helpfully monitor equipment performance at a distance, and identify potential issues before they even occur!
This is otherwise known as predictive maintenance: a lucrative market that was initially valued at $4.45 billion, and has been expected to grow at a CAGR of 31% from 2021 to 2030 - to a whopping $64.25 billion. This is unsurprising, given how much money this software can save companies by the bucketload! Equipment maintenance and repair takes a significant cut of manufacturers’ budget. It is crucial that all equipment performs optimally – and predictive analytics can ensure this. What’s more, they allow manufacturers to have a proficient understanding of how systems work, and how they can be improved in the future. What’s not to love!
The rise of IoT in the manufacturing industry has led to a spike in the use of big data. In the same way predictive maintenance allows manufacturers to gain exclusive insight into how their equipment works, large quantities of data similarly allow them to have a clearer understanding of how their overall business works – in all areas. The ability to collect data from multiple sources, alongside advanced cloud computing abilities, allows manufacturers to utilise this data as they please, and always stay ahead of the game!
B2C > B2B
Now, let’s take a look at the bigger picture: the structure of industrial businesses. 2023 is set to see the shift from traditional business-to-business (B2B) models, to business-to-consumer (B2C) models in the manufacturing industry. But what does this mean? Put simply, B2C businesses side-step third-party retailers, by selling directly to their customers.
The transition from B2B to B2C is lucrative for manufacturing companies for many reasons. Firstly, profits will increase – which is of crucial importance after the financial impact of the pandemic. This is because B2C businesses can use suggested retail prices, as opposed to wholesale prices for their products. What’s more, B2C manufacturers have the ability to develop products to market at a far quicker pace, which gives a strong advantage against competitors who are plodding through the traditional retail sales cycle. Thirdly, B2C companies can easily access customers’ data – simply because they are selling directly to them! This will allow them to make innovative product developments that are relevant to their target audience, while simultaneously forging a stronger relationship with consumers.
We’re all in this together – in our shared mission for a more sustainable future. As we strive to meet Net-Zero, manufacturing companies are playing their part, continuously evaluating their processes to find greener solutions. But how will this come to fruition in 2023?
Next year promises to see a heightened focus on waste management, across all production-centered industries. LEAN management, in particular, aims to maximize productivity and efficiency while simultaneously reducing waste. The system involves manufacturers analyzing every single daily process in their company, and making an executive decision as to whether it adds business or customer value – and if not? The action is simply removed, and precious energy and/or materials are conserved.
Research has shown that in 2021, 69.7% of manufacturers utilized a form of LEAN practice – so who can say how many will be utilizing this system in 2023: the year of green initiatives!
We hope you feel clued up on the Industrial trends to look out for in the new year. It is always important to keep up to date and stay ahead of the curve, whether you’re a company owner or a consumer. Plus - if you’re looking for tires to help your industrial vehicle be fit for purpose, you’re in the right place! At BKT, our products always stay on top of the latest trends and innovations, across all our core industries. Check out our range of Industrial tires here.