Jeffrey Bartash for MarketWatch: American manufacturers finished 2016 on a wave of optimism, as a survey of executives hit the highest level in two years. The Institute for Supply Management said its manufacturing index climbed to 54.7% in December from 53.2%, slightly higher than the MarketWatch forecast. Any number above 50% signals expansion.
The index is compiled from a survey of executives who order raw materials and other supplies for their companies. The gauge tends to rise or fall in tandem with the health of the economy.
New orders and production surged in the final month of the year and plans for employment also edged higher. Bradley Holcomb, chairman of the ISM survey committee, said comments from executives were largely positive. Cont'd...
Katie Mallinson for B Daily: 2017 could be the year of the smart factory. That’s the opinion of Huddersfield-based YCF – the not-for-profit organisation committed to supporting the manufacturing industry and its supply chain.
The statement follows months of speculation around Industry 4.0 – the idea of automation and data exchange in manufacturing technology.
Simply, it’s the computerisation of manufacturing, involving systems that communicate with each other, monitor physical processes and make decisions. And YCF’s CEO Jill Mooney thinks that 2017 could be the year that manufacturers start to plan the implementation of such machinery. Cont'd...
Industry Week: U.S. manufacturers recognize the potential of the digital technologies known collectively as Industry 4.0 to create value, but they are largely approaching the opportunity in piecemeal fashion and may miss out on the significant business benefits these technologies offer, according to new research from the Boston Consulting Group (BCG).
Nearly 90% of manufacturing leaders surveyed by BCG regarded adopting Industry 4.0 technologies as a way to improve productivity, but only about one in four see opportunities to use these advances to build new revenue streams. Many are pursuing isolated initiatives scattered throughout the company, BCG found in its new report, "Sprinting to Value in Industry 4.0," without a clear vision and coordination from the top. Cont'd...
Brookings Report: Leaders in cities, metropolitan areas, and states across the country continue to seek ways to reenergize the American economy in a way that works better for more people. To support those efforts, this report provides an update on the changing momentum and geography of America's advanced industries sector-a group of 50 R&D- and STEM (science-technology-engineering-mathematics)-worker intensive industries the vitality of which will be essential for supporting any broadly shared prosperity in U.S. regions.
What emerges from the update is a mixed picture of progress and drift that registers continued momentum in the manufacturing sub-sector; a major slump in energy; and strong, widely distributed growth in high-tech services- all of which adds up to a somewhat narrowed map of growth overall. Cont'd...
The New Indian Express: In a move to build the digital enterprise, the digitisation in industrial sector is set to grow to 65 percent in the next five years as it is a priority of most CEOs in the industry, according to a PwC report.
According to PwC Industry 4.0 report, more than half of the industrial companies in India are using data analytics and over 90 per cent expect data to impact their decision-making in five years.
Globally, digitisation is expected to rise to 72 per cent from 33 per cent, the report noted.
It is also noted that around 39 percent of the companies plan to invest more than 8 percent of their annual revenues in digital programmes in the next five years. Cont'd...
Companies, employees not quite ready for cognitive technology wave of robotics, AI, machine learning
Larry Dignan for Between the Lines: Robots, artificial intelligence, machine learning and other cognitive technologies will replace about 7 percent of U.S. jobs by 2025 with office and administrative staff taking the biggest hit, according to a Forrester Research forecast.
The bad news is jobs will be lost. The good news is that new gigs will be created as cognitive technology takes hold. One reason the disruption won't be larger or happen sooner is that companies aren't ready for the change related to the new automated workforce, said Forrester.
- Among the key items:
- 16 percent of U.S. jobs will be replaced, but 9 percent of jobs will be created. That's how Forrester gets to the 7 percent job loss by 2025 figure.
- Emerging jobs will be robot monitoring pros, data scientists, automation specialists and content curators.
- 93 percent of automation technologists feel unprepared to take on smart machine technologies.
- 83 percent saw cognitive computing as critical to their companies' future.
- 32 percent of respondents said they are prepared for the cognitive technology changes ahead, but only 12 percent are prepared to deal with the human and organizational fallout.
- 46 percent say the number of jobs will remain about the same and 43 percent of respondents thought jobs would decline.
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