No one could have predicted the extraordinary impact that COVID-19 would have on the world a few months ago. While this journey is one of compassion, unity and humanity, the real challenge lies in rebuilding and reaccelerating the economy.
A spokesperson for Open IIoT, a collective group of industry leading companies working together to make Industry 4.0 technologies easy to understand and accessible, says that as we rebuild, such technologies can be used to speed up processes dramatically.
“When we get the green light, manufacturers will need to figure out how to meet demand and make profits, quickly. This is where IIoT technologies come in”.
Ramping Up Supply
Supply chains for multinationals (in particular) remain complex. We are now producing products more efficiently than ever before thanks to IIoT technologies and this should be met by our respective supply chains. As technology improves, so should our time to market.
A recent article by the Economist.com says that more companies (49%) expect supply chains to become shorter and simpler in the next five years than those (33%) who expect them to grow longer and more complex.
Our Open IIoT spokesperson says that shortening and simplifying existing supply chains looks to decrease vulnerability. “COVID-19, for instance, has had a major impact on supply chains. These structures are vulnerable to external disruptions and need to be optimised”.
He notes that shortening your supply chain shortens lead times and looks to significantly reduce costs. “In tough economic times, shortening your supply chain will help to increase profits, reduce risk and improve customer satisfaction.
To further cement this, Gartner.com highlights the challenges around globalisation amid the COVID-19 pandemic saying: “Although the outbreak is being compared to the 2003 SARS outbreak, China is now much more developed and integrated with the global economy. This means the supply chain implications go beyond regional concerns. Travel restrictions, shortages in labor and materials, as well as logistical challenges through tightened controls, and hub and border closures will cascade and augment the impact much further today than it did 17 years ago. Indeed, the coronavirus outbreak has already eclipsed SARS”.
Post COVID-19 lockdown, Open IIoT’s spokesperson provides the following advice: “Take the time to analyse your market and its demands, to relook your suppliers and supply chain strategy to make sure that they have what it takes to deliver and invest in automation.”
Source: Open IIoT.