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Emerging Digital Manufacturing Trends That Will Shake Up Industry in 2019: The Rise of Everything-as-a-Service (XaaS) Digital technologies have revolutionized the way both customers and businesses are using certain types of products. While the traditional paradigm was built upon the purchase and ownership of physical objects, digital technology has shifted the focus from product to on-demand service. The most well-known example of this is the Software-as-a-Service (SaaS) trend. This kind of software is centrally hosted by a company and used by customers on a subscription basis. Most of the time, these programs can be accessed easily via web browsers. SaaS is already ubiquitous in the business world, and includes familiar programs such as Microsoft Office 365, Google’s suite of productivity apps, and Salesforce. The “as-a-service” features a simplified mode of production and delivery that is easier for companies to manage, and can improve customer relations in a variety of ways, allowing for enhanced customization options and better pricing. And by utilizing an ongoing subscription framework, companies can foster long-lasting customer relationships, whereas the traditional standard creates a one-and-done purchasing relationship. The “as-a-service” model is now being applied to other areas outside of the cyber realm, such as products and even manufacturing itself. With Products-as-a-Service (PaaS), customers pay to use or lease a product but do not actually own it. Instead, the company leasing the product is the owner, and is also responsible for the product’s maintenance. For example, Spotify, the popular music streaming platform, sells the product of music but provides it in an on-demand, service-type capacity. Users pay a monthly fee, and have access to a massive library of songs. Even though the consumer doesn’t own the music in a physical form, like a CD, or a digital format, like an MP3, the system still manages to create value in other ways. In addition to having a catalog of millions of songs, Spotify utilizes user data to create a suite of personalized features for each user, including curated playlists based on individual music preferences. These playlists can turn users onto artists and songs they may have never discovered otherwise. Spotify also shares the data with their customers, showing each user a summary of their music listening habits. To make it more appealing and engaging, the information is arranged in a variety of ways, and is accompanied by clean, colorful graphics with descriptive, uplifting words that celebrate the user’s specific tastes. Using the data in this way creates an experience of value for the user, which is becoming an increasingly important aspect of purchasing. It also instills a sense of connection between consumer and company. Although manufacturing and B2B companies don’t operate in this exact way, the example illustrates how the idea of products and ownership is slowly evolving as a result of digital technologies. The Emergence of Manufacturing as a Service (MaaS) This shift from physical ownership to lightweight leasing is made possible through the digitalization of the business world. As technologies such as sensors, data analytics, the IoT, and cloud computing become more commonplace in the industrial world, OEMs and B2B companies may start to adopt their own versions of “as-a-service” business models, including but not limited to PaaS. In particular, Manufacturing-as-a-Service (MaaS) has gained some traction among smaller startups. With this type of system, a network of manufacturers integrates with one another to purchase and share equipment, as opposed to each manufacturer owning and using their own machines. The equipment is connected to the internet, giving all parties real-time insight into the equipment’s status and use. By distributing the costs for equipment, software, maintenance, and repairs evenly among a group of companies, the system helps each business significantly reduce expenses, thereby improving the bottom line. It also improves ROI by making it easier for these companies to expand their capacities and scale quickly in a way that would be expensive and difficult to achieve if they were footing the bill solo. In addition to changing the way manufacturers purchase and use their equipment, MaaS also encourages collaboration and new partnerships by democratizing the manufacturing process, creating a B2B sharing economy. The Future of Digitized Manufacturing Digitalization is changing the face of the manufacturing sector, transforming not only the way companies communicate and make use of equipment, but also the very foundation of the industry as a whole. 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New 3D Printed Material Could Self-Repair Shoes, Tires: We talk a lot about 3D printing, and how more and more materials are being added to an ever-expanding menu of options for creating new products. But we don’t usually cover what happens to these products after they’re produced. Are these new materials sustainable? Are they durable? Or are we just sending more one-and-done products to the dumpster? Researchers from the USC Viterbi School of Engineering have reportedly come up with a way to solve the problem of unfixable rubber materials — like the split sole of a shoe, for example — that are often discarded rather than fixed. But what if these materials could fix themselves? No, it’s not sci-fi; it’s actually 3D printed. According to Science Daily, Viterbi Assistant Professor Qiming Wang is working with a group of students and another professor from the University of Connecticut to produce a material that can reportedly be manufactured quickly and repair itself if it becomes torn. The publication is calling it a potential “game-changer” for applications and industries like shoes, tires, soft robotics, and the like. The material is produced using light to solidify a liquid resin into its desired shape. Once an oxidizer is added, the real magic happens: After finding the right process mix, the scientists produced a material that can be made quickly and self-heal. According to the report, “in just five seconds, they can print a 17.5-millimeter square, completing whole objects in around 20 minutes that can repair themselves in just a few hours.” The team recently published their study in a scientific journal. The experiment used various products, including “a shoe pad, a soft robot, a multiphase composite, and an electronic sensor.” After being cut in half, the items were able to repair themselves within a mere two hours. The researchers, whose efforts were funded by the National Science Foundation and the Air Force Office of Scientific Research Young Investigator Program, are working to incorporate other materials into the self-healing mix, and are reportedly experimenting now with rigid, hard plastics that they believe could be used for vehicle parts. Content Credit: thomasnet.com
Will Manufacturing be India’s Future? Post US Presidential Elections 2016, Rising protectionism and Automation have emerged as the biggest challenges for emerging markets like India and China. Economics experts say that it is the time for India to switch from Manufacturing to the Services sector which can drive the Indian economy to the pinnacle of success. How Manufacturing Can Benefit the Agricultural Sector? Agriculture, which currently employs nearly 45% of the workforce, is obviously not to be neglected. The point, instead, is that those currently deriving their incomes from agriculture would greatly benefit from accelerated growth in manufacturing. • Nearly 50% of India’s farms are less than half a hectare, a size too small to yield adequate living standard for a family of five. Owners of these farms will benefit directly if one or more of their family members found good jobs in manufacturing and services. Those continuing to cultivate will benefit from increased land per farmer as some farmers migrate to manufacturing and services. • Dynamic services sectors such as: Software and Finance generate relatively few jobs. Tourism, Transportation, and Construction hold greater promise but their growth is highly dependent on the performance of the Manufacturing Sector. For example: Transportation sector flourishes when manufacturing sector generates demands for its services. Likewise, tourism and construction are spurred by higher incomes generated by manufacturing. Can Manufacturing Sector Create Sufficient Jobs? Two arguments have been offered recently in support of a negative answer to this question: rising protectionism around the world and automation. • The First argument says that when South Korea, Taiwan, and China transformed, markets were relatively open. Therefore, these countries could take advantage of scale economies in manufacturing by exporting their products in large volumes. The same option is not available today due to rising protectionism around the world. • The Trade tensions, especially between the United States and China, the global economy is far more open today than in the days when South Korea and Taiwan transformed. Indeed, it remains more open than even during the 1990s and the early 2000s when China transformed. Much of the liberalisation under the Uruguay Round Agreement was implemented between 1995 and 2005 and remains intact. • The Second argument, automation, says that with advances in technology, manufacturing is becoming highly automated and it will move back to the developed countries. This argument too has been grossly overstated. It is true that automation is on the increase and perhaps at a faster pace than in the past. Yet, many tasks remain far from being automated at the technical level while many others, though technically feasible, are commercially unviable. The Global Scenario: The Global Market in Merchandise exports worth US $15 Trillion today. The share of India in these exports is only 1.6% compared with 12% of China. Even if the export market were to shrink by one or two trillion dollars in the coming years, India could more than double its exports by raising its share in the world market to 5%. This is not an infeasible proposition: China’s share in the world exports as recently as 2000 was only 4%. Rising Automation Across the Globe: • Nothing illustrates the limits of automation better than the efforts by Adidas to automate the manufacturing of sneakers. At the end of 2015, the company had opened its first high-tech speed factory in Germany, which produces sneakers using intelligent robotics technology. More recently, it has opened a shoe factory that uses 3D printing technology. • According to Mr. Kasper Rorsted, CEO of Adidas, “full automation of sneaker manufacturing is unlikely in the next 5 to 10 years. Currently, Adidas produces only 1, 000, 000 out of its total production of 360, 000, 000 pairs in automated factories. When asked whether manufacturing is poised to return to the United States and Europe, Rorsted says, “I do not believe, and it is a complete illusion to believe, that manufacturing can go back to Europe in terms of volume.” He adds that – “despite political interest in the United States to bring back manufacturing, it is financially “very illogical” and unlikely to happen. What is true of shoe manufacturing is even truer of apparel, where we are still to see the appearance of the first factory that automates manufacturing as much as the German Adidas factory has done for shoes. And the global apparel market is huge. Think of apparel demand in Asia alone, which has a population of 4.6 billion. And with its high and rising wages, even China will soon begin to satisfy much of its apparel demand from imports. Nations that manage to capture this market will create vast numbers of good jobs for their citizens. India can scarcely afford to pass on that opportunity.” Content courtesy: Power2SME
The growing adoption of industrial IoT driving the growth of Smart (Connected) Worker Market. The smart worker market is expected to be valued at USD 1.87 Billion in 2018 and is likely to reach USD 4.40 Billion by 2023, at a CAGR of 18.69% between 2018 and 2023. The growing adoption of industrial IoT and the increasing focus of manufacturing companies on energy efficiency, resource optimization, and reduction in production and operating costs are driving the growth of the market for smart worker solutions. Further, the growing stringency in occupational health and safety regulations across the world is also contributing to the market growth. The demand for smart worker solutions across various applications in the oil & gas industry is expected to grow significantly over the next 5 years. The manufacturing industry accounted for the largest market share in 2017. The oil & gas industry is at the forefront of adopting smart worker solutions. The use of IoT-enabled smart worker solutions help the oil & gas industry to monitor workers’ health and improve their safety in hazardous environments. The market for software used in smart worker solutions is expected to grow at the highest CAGR between 2018 and 2023. This can be due to its capability to enable supervisors to track time, safety, wellness, productivity, location, and working environment of workers, among many others, and to analyze the situation accurately. North America held largest share of smart worker market in 2017 North America held the largest share of the smart worker market in 2017. There is a need to reduce the operational cost in industrial facilities owing to the growing price war in this region. The rising demand in the manufacturing, oil & gas, and power & utilities industries to improve the worker performance and safety and reduce the overall operational costs. This is the key factor for a large market share of this region in the smart worker market. *Source: Download PDF Brochure- https://www.marketsandmarkets.com/pdfdownload.asp?id=250662320
TOP 4 IOT TRENDS THAT DRIVE SMART MANUFACTURING- Internet of Things (IoT) is set to transform the way the manufacturing industry operates and functions. Smart manufacturing or advanced manufacturing technology is driving the companies to transform the competitive market landscape. Thus, making it inevitable for the companies to adopt smart manufacturing and seize the benefits it has to offer. Smart manufacturing coupled with IoT enabled devices is an aIR_Brochuremalgamation of information, human interface, and technology that helps evolve and develop every aspect of the business. IoT is an interconnected network of devices driven by connectivity and software that has brought the fourth industrial revolution – Industry 4.0. Trend 1: Industrial Internet of Things (IIoT) IIoT is the process of using IoT enabled devices and integrating it within the manufacturing processes on the factory floors leading to an increase in production efficiency, product quality, and speed. Purely built on connectivity, IIoT enables people and facilitates business processes to collect vast amounts of data and leverage advanced analytics to gain insights. Trend 2: Cloud-Computing Technology With the help of cloud computing coupled with IIoT, companies can reap the benefit of sharing important and critical information in real-time. The data shared from beacons and sensors help organizations to anticipate needs and predict trends, obtain required inventory details, and minimize turnaround time for machines as well as the suppliers and manufacturers. Trend 3: Artificial Intelligence Thanks to big data, vast amounts of information is available to the organizations, which can be leveraged to gain consumer insights, predict trends, and foresee market developments. With the help of machine learning, artificial intelligence helps organizations understand patterns, anticipate information, and track incongruities, which helps them to refine processes, enhance productivity, and adopt smart manufacturing techniques. Trend 4: Smart Sensors and Beacons The organizations can benefit with the help of IoT enabled sensors that will help them to record, generate, and understand information right from packaging to the core machine elements. Besides these, the IoT enabled sensors help the manufacturing industry to measure and track everything, right from volume to temperature; thereby, creating seamless information flow to facilitate automation and drive smart manufacturing. Source: www.infinitiresearch.com
Tumbling Steel Prices – What Does it Means for India & China: The party for steel companies that have enjoyed a long bull run seems to be ending. Prices of the hot-rolled coil have now touched Rs 44, 000 a tonne in December 2018 the lowest in India in a year. In China, which supplies more than half of the world’s steel and whose economic activities drive global steel dynamics, prices have fallen 12% in the last 2 months. The decline was steepest in November 2018. Why are the Steel Prices Going Down? A slump in demand from China, rising trade tensions globally post US Presidential elections, as well as emerging signs of a slowdown in global economies, weigh heavy on steel prices will remain under pressure in 2019. According to the global brokerage house, Haitong, “The reason for falling prices of steel in China is due to lower-than-expected winter shutdown in the US.” The ‘Concerning Future’ of Steel Industry in India & China: According to commodity research house, Argus Media, “if weakness extends through 2019, Indian mills could struggle to win customers in export markets as they run up against cut-price Chinese competition, pressuring domestic prices and profitability, ” According to ICRA Report, 2018, “Expectations of lenient production curbs in China during the winter months and rising steel output amid a seasonal moderation in demand have led to a steep correction in Chinese steel prices in November 2018. The threat of cheaper flat steel imports to India in the near term has increased and, as a result, domestic flat steel producers may have to brace for a downward revision in prices, especially in the fourth quarter of this financial year, the Icra report said. However, if China makes further tax cuts and accelerate infrastructure building and urbanisation projects next year, steel consumption might grow, it added. Argus Media say that “the proposals approved by Chinese President Xi Jinping could be read as an effort to support economic activity.” Expert Views: According to Mr. Jayanta Roy, Group Head, Corporate Sector Ratings, ICRA “One of the main reasons for a sharp correction in Chinese hot rolled coil export prices is the ongoing oversupply concerns in China during winter, leading us to believe that seaborne steel prices would remain soft in the coming months. However, a typical pick-up in Chinese demand post the winter months is likely to lead to a recovery in international steel prices in the next fiscal, ”. According to research house, Motilal Oswal, “Even as steel prices are trending down in the international market, they were holding up well in India. But that edge may go away soon. According to Mr. Jayanta Roy, “The steep reduction in international steel prices recently would make steel imports cheaper from January, when these shipments start hitting Indian shores would exert pressure on domestic steel prices in the fourth quarter.” Rising Threat of Cheaper Flat Steel Import: Prices of the hot-rolled coil have now touched Rs 44, 000 a tonne in December, the lowest in India in a year. The threat of cheaper flat steel imports to India in the near term has increased; domestic firms may have to cut prices. Content Courtesy: power2sme.com
What Union Budget Have for Startups – All You Need to Know The Budget aims at boosting the consumption and winning the goodwill of farmers. On Feb 01, 2019, the Interim Finance Minister, Mr. Piyush Goyal today outlined significant measures to ease farmers’ plight in the country. The Interim Budget also gave the middle-class major tax relief, exempting those with an annual income of up to Rs. 5 Lakh from paying taxes altogether. Currently, individuals with income of up to Rs. 2.5 Lakh are exempt from paying taxes. No Mention of ‘Angel Tax’ in the Budget - 2019: Surprisingly, in an uncharacteristic break from the Modi-led government’s support for startups, this year’s Budget speech did not contain even a single mention of the word ‘angel tax’ or any reforms specifically for the startup ecosystem. In comparison, last year’s Budget mentioned startups multiple times and introduced 3 measures aimed at encouraging startups while also calling for clarity on the issue of angel tax. While this is still an Interim Budget, with a clear focus on the upcoming General Election, here are the key takeaways of the Union Budget 2019 for the Indian Startup Ecosystem: Increase in Minimum Taxable Income Will Boost Consumer Startups: Mr. Goyal’s Budget made the middle class (and consumer startups) sit up and take notice with its headline-grabbing announcement that the minimum taxable income of individuals has been increased to Rs. 5 Lakh and standard deduction has been raised to Rs. 50, 000 from Rs. 40, 000. Clearly, middle-class spending power is set to increase significantly, which is good news for consumer startups. Mr. Piyush Goyal added that individuals earning a gross income of up to Rs. 6.5 Lakh per year with investments for savings, would be exempt from tax. This is expected to save an estimated 3 Cr small and middle-class tax-payers about Rs. 23K Cr in taxes. Boost for Defence Startups: The Budget also chalked out a defence budget of Rs. 3 Lakh Crore — a first for India. In addition to the extra funds, the government has also brought startups in the ambit of defence procurement by launching the Defence India Startup Challenge on August 4, 2018. A joint initiative of the Atal Innovation Mission, the Department for Promotion of Industry and Internal Trade (DIPP), and the Defence Innovation Organisation (a ministry of defence initiative) organised the Defence India Startup Challenge aimed to encourage startups to innovate defence solutions in 11 categories. PM Kisan Yojana Will Benefit 12 Crore Farmers: The Interim Budget has a mention of PM Kisan Yojana, in which 12 Crore Small and Marginal Farmers will be provided with an assured yearly income of Rs. 6, 000 in their bank accounts. This is expected to alleviate farmers’ plight as well as give them the confidence to venture into higher yield farming. This, in turn, will encourage agri-tech startups to reach out to larger number of farmers as well as create value-added farm products. Avoided the Investors Demand to Remove Angel Tax Provisions: According to an Inc. 42 Union Budget 2019 survey, the demand to remove angel tax provisions and bring transparency into the process of angel funding has been on top of the list of demands of startup founders and investors. While Arun Jaitley’s 2018 Budget at least acknowledged the issue, saying that “Venture capital funds and angel investors need an innovative and special developmental and regulatory regime for their growth, ” today’s Interim Budget was conspicuous for clearly avoiding any mention of the issue. 1 Lakh Digital Villages by 2024: Goyal said that the government is looking to create 1 Lakh digital villages in the next five years. “Jan Dhan, Aadhaar mobile, and direct benefit transfer have been game changers, ” Goyal noted. With the rapid increase in smartphones and rural electrification, this move may truly set India on the path of digital transformation as a big part of India’s population still resides in villages and Tier 3 towns. This could also increase the reach of urban startups in the currently untapped rural segment, in perhaps all sectors, but particularly digital payments and e-Commerce. Missed Fiscal Deficit Leading to Decline in Investments: The government has missed the fiscal deficit target set at 3.3% of the GDP for FY 2018-19. Piyush Goyal said fiscal deficit for the current year would be 3.4% and forecast a 3.4% deficit for the coming financial year as well. He attributed this to “revenue shortfalls and increased spending ahead of the Lok Sabha election.” Fiscal Deficit Will Lead to Slow Growth in Infra. Development: While economists and policy analysts disagree about the impact of the fiscal deficit on the economy, in the short term, the fiscal deficit can make governments shy of spending on infrastructure. This, in turn, could scuttle growth or slow down infrastructure development, thereby making international investors dial back their investments in the country. National Programme on Artificial Intelligence (AI): As part of a section entitled ‘Empowering Youth to Fulfil Their Potential’, the Interim Budget announced a National Programme on Artificial Intelligence (AI). While Goyal did not elaborate how much funds would be allocated to this initiative, he said that the AI push would be catalysed by the establishment of the National Centre on Artificial Intelligence as a hub along with the development of centres of excellence. “Nine priority areas have been identified. A National Artificial Intelligence portal will also be developed soon, ” said Goyal. With the world looking to India to fulfil the rising need for developers and software professionals skilled in cutting-edge technologies such as: Automation, Machine Learning, and Associated Technologies, this initiative could prove to be invaluable in the coming years. The move is also in line with the government’s other flagship programmes such as Digital India, Startup India, and Make in India and will help India establish itself as a — knowledge and digital society. Easy Process for Tax Compliance: The Interim Budget also said that within 2 years, all tax assessments will be electronic and income tax (I-T) return processing will be done in just 24 hours. This will make for a smoother I-T filing and returns process, hence ensuring that founders and entrepreneurs have one less thing to worry about. For startups, overall compliance processes were simplified. Threshold Limit for Presumptive Taxation Raised to Rs. 2 Crore: The threshold limit for presumptive taxation of business was raised from Rs. 1 Cr to Rs. 2 Cr. The benefit of presumptive taxation was extended for the first time to small professionals fixing the threshold limit at RS. 50 Lakh. Single Window Clearance for Content Creation Startups: To promote the entertainment industry, Goyal said that Indian filmmakers and content creators will get a single window clearance for ease of shooting films, which was available only to foreigners till now. Regulatory provisions will rely more on self-declaration going forward, he added. The Budget also introduced anti-camcording provisions in the Cinematograph Act to control the menace of piracy, a move that will help the growth of the OTT (Over the Top) companies such as Netflix, Amazon Prime, SonyLiv, Hotstar and Zee5. No Initiative to Promote Electric Vehicles (EV): While the Indian government has made a lot of noise about electric vehicles and creating a supportive infrastructure enabling EVs, the interim budget did not spell out any new initiatives to fast track adoption of EVs. While states such as Karnataka, Telangana, Tamil Nadu, and Rajasthan have dedicated EV policies and are currently attracting investments from both international and homegrown EV makers, Goyal’s mention of electric mobility touched only on the need to clean up “Mother Earth” and platitudes like: “India will lead the world in the transport revolution through electric vehicles and energy storage devices, bringing down import dependence and ensuring energy security for our people.” Content Credit- power2sme
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