SyncFab — revolutionizing the future of manufacturing
This is a repost from my medium (since they no longer support ico / bounty campaign) blog dated February 13, 2018.
The future of manufacturing / production encompasses alot of things including the:
Global economy and trade — the dynamics of trade, tariffs and taxation are globalizing production.
The global economy is expected to grow at around 3.9% in 2018 and 2019, according to recent concluded World Economic. This forecast reflects the expectation that favorable global financial conditions and strong sentiment will help maintain the recent acceleration in demand, especially in investment, with a noticeable impact on growth in economies with large exports. In addition, the U.S. tax reform and associated fiscal stimulus are expected to temporarily raise U.S. growth, with favorable demand spillovers for U.S. trading partners — especially Canada and Mexico — during this period.
The increased global economic growth will also boils down to accelerating international trade, global production and their accompanying capital flows fuel economic development in the world.
However, despite this, the future of production is heavily affected by environmental and political stability, macro-economic trends and regional developments.
Consumer expectations — Competitive companies are adapting to new consumer behaviour
Today, the digitally-enabled consumer can be at the forefront of how products are developed and delivered. The personalization and customization of products is playing an increasingly central role. Consumers are looking for more personalized products that will exactly match their desires. Moreover, they are progressively getting involved in the creation process of the products they purchase. The trend of consumers becoming part of the production chain raises new questions about shifting value chains and health and safety regulations. While technologies are certainly changing current models of production, consumer-driven innovation is an equally strong driver.
Consumers are also seeking out sustainable and reusable products, forcing a change in the way products are created. Therefore, consumers increasingly want more transparency on their plates, in their shopping carts, and in their homes.
While this new environment will enable manufacturers to take full advantage of new opportunities, it will most likely hurt manufacturing companies which are accustomed to produce large volumes of limited numbers of products.
Accelerating sustainability — Sustainable production is becoming a competitive advantage
Sustainable production is broadly defined as the creation of goods and services using processes and systems that are non-polluting and economically viable, and which conserve energy and natural resources and make positive contributions to society. In this scenario, sustainability is measured by energy inputs and costs, sustainable practices, and the impact on air and water quality and the climate. Sustainable production systems are critical to fighting climate change and ensuring future growth, wealth and stability. Production systems, which are responsible for significant levels of global electricity usage, CO2 emissions and primary-resource extraction, have a major impact on the environment and society. Changing the way industries produce things can mitigate these negative impacts. New technologies provide an opportunity to achieve this objective.
Sustainable production requires a sufficient market of manufacturers and consumers who are able and willing to use recycled, or secondary, materials. Secondary materials must be of sufficient quality to integrate them easily into lower-cost manufacturing processes that do not require extensive changes and still allow for producing goods desired by consumers. Businesses can influence consumers to move towards more sustainable models of consumption, with products designed to be durable and that encourage people to use them for longer periods.
Tracking and reporting sustainable activities in production processes and throughout the supply chain leads to transparency and trust. They also provide an insight into how processes can improve over time. A standard reporting method would allow companies to compare the effectiveness of their sustainable processes within and across industry sectors.
Regulations and governance — New technologies are compelling governments to reassess current regulatory frameworks
Current regulatory frameworks cannot adapt to the pace of transformation driven by new technologies. Governments must change their approach to regulation, as there is a greater need for agility and flexibility. Regulations should be able to continuously foster and adapt to the creation, revision and application of rules to cope with major changes happening in society.
Regulations should build resilience into dealing with uncertainty, an inherent dimension in today’s world. We need to develop new regulatory frameworks that empower new technologies and business models that align with the interests of citizens in a cyber-secure world. Governments need to harness new technologies and innovative processes while increasing transparency and trust, and protecting the interests of their citizens. To do so, there are key challenges to address such as cybersecurity, data governance and privacy, and intellectual property regulations. The divergent levels of development amongst countries means that governments will need to build robust and well-functioning digital infrastructure tailored to their interests and capacity.
Regulatory frameworks should also support small and medium-sized enterprises (SMEs) in the adoption of new technologies. As a significant driver of growth and employment, SMEs have tremendous potential for adopting disruptive technologies, but they often struggle to do so because they face great competition in the market. There is a potential to use best practices to improve collaboration between multinational corporations and SMEs in a supportive policy framework.
Technology and innovation — New technologies are transforming the way in which we produce things
Recent years have seen a vast number of far-reaching technological breakthroughs ranging from mobile connectivity, the Internet of Things, artificial intelligence and next-generation robotics to 3D printing, advanced materials, genetic engineering and nanotechnology. These technologies, combined and connected, are transforming manufacturing and production systems at an unprecedented pace.
Governments and manufacturers need to swiftly identify how the combinational power of these technologies will redefine production processes, business models and national production structures, and what investments and policy frameworks need to be put in place today to take advantage of the innovation opportunities they will bring.
Locations for production — Technological advances and decreasing cost differentials are shifting the locations for production
The demand for locally-sourced and customized products is on the rise. In concert, decreasing differences between the production and labour costs in industrialized countries and traditional offshore locations mixed with the emergence of new technologies and production processes seem poised to reshape global value chains and production footprints. New models of adaptive manufacturing, located closer to consumer markets, may now outweigh the benefits of offshore production.
Although developments associated with possible future trends like these are just becoming noticeable, their overall and industry-specific impacts are uncertain as their adoption relies on a multitude of factors. For production, relocation to high-cost economies requires large investments in future-ready manufacturing sites and connectivity infrastructure. At the same time, alternative production locations may also increase in attractiveness, for instance, due to improved worker skill levels. Furthermore, developments in the global economy may function as either a catalyst or a hindrance to new developments in the location of production.
Human capital and skills — Technological advances are disrupting the manufacturing labour market
Innovation and new technologies are influencing the skills required for production. Transformations currently affecting global industries are expected to have a significant impact on jobs, ranging from job creation to job displacement, including widening skills gaps. For instance, automation and robotics will reduce direct labour but will also require a changed skill set in the manufacturing workforce.
Don’t missed these chance! Join SyncFab crowdsale — the future of manufacturing! For more information, you can visit: https://blockchain.syncfab.com/
More information about SyncFab:
Official website: https://blockchain.syncfab.com/
Whitepaper: https://blockchain.syncfab.com/SyncFab_MFG_WP.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2286102.
Official channels and social media:
Facebook: https://www.facebook.com/syncfab/
Twitter: https://twitter.com/syncfab
Reddit: https://www.reddit.com/r/syncfab/
Medium: https://medium.com/syncfabmfg
Telegram: https://t.me/syncfab
Happy Investing!
Disclaimer: I am writing this with a possibility of receiving rewards from doing so. And I only express my own opinions, views, insights and research. Risk is always part of any investment vehicle. So I advised that you should also do your part to understand it before investing and always managed the risk involve in order to maximize your returns.
Acknowledgement: I’m very thankful to the Lord for all the blessings and challenges he has given me. I would also like to thank my family, friends, critics, fellow investors at all other people who help me finish this project.
Sources: SyncFab, World Economic Forum, International Monetary Fund
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