Adopting new technology is crucial for any shop that aims to be competitive and profitable. Manufacturing equipment life cycles are no different than any other product: Introduction, Growth, Maturity, Decline, and eventually Obsolescence. With rapid advancements, the cycle span is getting shorter as innovative equipment replaces obsolete older models.
Fiber Laser technology is a great example of an industry that has experienced rapid innovation. The once-standard 6kW was considered high powered for metal fabrication. Today, it has taken a leap with machines harnessing power up to 30-kW.
Businesses can reap various benefits from being agile and embracing new technology.
1. Reduces the Risk of Obsolescence
Obsolescence in a manufacturing unit is inevitable. You can maintain a machine well to last you longer but there comes a point when wear and tear or a new health standard calls for replacing it with the latest technology. In most cases the risks associated with using obsolete technologies outweigh the costs of replacing equipment. To reduce the obsolescence risk, it's vital to plan a smooth transition for your shop's new generation of equipment.
2. Future Proof your Shop
The Covid-19 Pandemic taught us a hard lesson to always be ready for unprecedented times. As a result, businesses are more ready than ever to implement a range of technologies that can make shops agile and future-proof. For instance, shops can achieve efficiency by integrating cloud technologies in addition to improved security and streamlined processes. Think of relying on new advancements as insurance when you take proactive measures. Hi-tech computerization has also facilitated collaboration, communication and digitization of various tasks taking care of many work challenges.
3. Attract Younger Workforce
Embracing advanced software and machinery opens new avenues for employees as it gives them a sense of achievement. Dated equipment can turn new talent off from a job opportunity. New and powerful machine systems, on the other hand, can have a thriving effect. A freshly graduated young workforce brings with them innovative ideas and high energy to perform tasks productively. Hiring new teammates can be challenging if a company does not project a forward thinking company brand. Automation & technology can be the linchpin that gains the attention of a smart young labor pool.
4. Better Efficiency and Competitive Edge
Breakthrough in technology includes introducing more innovative processes in the unit. This includes cloud computing, Enterprise Resource Planning (ERP) software, CAM software and CRM solutions. These systems help to achieve goals efficiently. Digital transformation plays a pivotal role in staying ahead of competitors. Automation brings simplified processes and reduced turnaround time, leading to improved quality standards and customer satisfaction.
Embracing new technology is a winning strategy for capital intensive businesses. Once the needs and goals have been assessed, the transition to an advanced technological setup can be promising for all the stakeholders.