Have you ever considered the staggering cost of lost or missing toolings? Companies worldwide are losing substantial amounts of money due to improper tooling management, resulting in increased expenses and a negative impact on the bottom line. However, with the implementation of advanced technology and complete digitalization of your tooling fleet, your company can monitor and track the location of all your tooling assets, thus saving on tooling-related costs.
In recent years, a select group of Original Equipment Manufacturers (OEMs) has emerged as leaders in implementing digitalization across their tooling fleets. These OEMs have recognized the significance of leveraging AI and data analytics in tooling management. Even so, many manufacturers still need to be more open to adopting digital transformation, impeding their ability to keep up with industry frontrunners.
According to a study, CEOs report that digital transformation has a significant impact on operational efficiency (40%), time to market (36%), and customer satisfaction (35%). Despite the perceived lack of suitable technology, executives remain focused on achieving success in their digital transformation efforts. As a result, OEMs at the forefront of digitalization are reaping the rewards throughout their supply chain - optimizing operations, increasing transparency, improving efficiency, reducing costs, and enhancing product quality.
“To achieve their digital transformation goals, 93% of companies believe innovative technologies are essential. Furthermore, 27% of senior executives consider digital transformation ‘a matter of survival”
What is tooling digitalization in digital transformation, and why is it important?
Tooling digital transformation aims to revolutionize revenue generation models by drawing AI/ML-driven counterintuitive insights from vast tooling data. Furthermore, digitalizing toolings can enhance production optimization and efficiency. Thus, it is necessary to embrace novel technologies such as Internet of Things (IoT) devices, data analytics, and artificial intelligence (AI).
For OEMs, digital transformation in tooling means leveraging new technologies to maximize their competitive advantage in the marketplace. They can enhance their productivity, decrease expenses, and enhance product quality by embracing cutting-edge tools and methods.
However, the risk of being left behind by competitors looms for manufacturers who need to invest in digitalization as the industry continues to be dominated by this trend.
Trends in digital transformation
Despite challenges such as rising costs, economic uncertainty, geopolitical instability, and a global talent shortage, businesses are investing heavily in digital transformation and plan to continue advancing in the future, according to a recent KPMG survey of 2,200 tech executives. Advanced automation techniques for each manufacturing stage, including inspection and production, are at the forefront of digital transformation. Additionally, the following trends are emerging:
Data Automation & Analytics: Organisations can collect, process, and analyze data from toolings, thereby providing valuable insights into their performance, potential issues, and maintenance requirements.
Internet of Things (IoT): Organizations can monitor their toolings in real-time, track their performance, and identify potential issues before they occur.
Artificial Intelligence (AI): With AI, organizations can analyze vast amounts of data from their toolings and identify patterns and insights humans may miss. AI algorithms can also predict tooling failures before they occur, enabling proactive maintenance and reducing downtime.
As many businesses move from manual to automated processes, this shift reduces human error, increases throughput and data capture, and streamlines repetitive processes allowing staff to focus on more complex tasks.
Why should the transformation of tooling digitalization begin now?
Today's manufacturing industry is gradually shifting towards the adoption of intelligent applications. Gathering real-time data can help to comprehend the status of all production processes efficiently, and it can also help to eliminate the issue of information silos between different departments, thereby enhancing transparent communication. Digital transformation in tooling management offers numerous benefits to manufacturers, including enhanced productivity, decreased expenses, and improved product quality. Some of the specific benefits include:
Automated Tracking: advanced technologies can automate the tracking of toolings. Using wireless sensors allows it to automatically monitor the location and usage of each tooling, reducing the need for manual monitoring, saving time, and reducing the risk of errors.
Condition Monitoring: Using sensor data, organizations can continuously monitor the condition and performance of their toolings or molds, enabling them to detect potential issues before they lead to failures. This approach allows organizations to schedule preventive maintenance and minimize the need for reactive maintenance, reducing downtime and improving productivity.
Centralized Data Management: Advanced software can centralize data related to toolings, allowing for easier tracking and management of the entire tooling fleet, regardless of location or supplier. It also makes it easier to identify areas for improvement or cost-saving opportunities, with better oversight of their toolings from a single integrated platform.
Improved Collaboration: Advanced software facilitates virtual collaboration among teams engaged in tooling or mold management, thereby minimizing the necessity for travel and enhancing communication efficiency, resulting in time and cost savings.
Competitive Advantage: Organizations that adopt digital transformation in their tooling management processes can potentially achieve a competitive advantage by enhancing their efficiency, effectiveness, and responsiveness to meet the demands of the market.
As digital transformation shapes the manufacturing industry, companies embracing the latest tools and technologies will likely remain competitive and see significant benefits across their supply chains.
Transitioning to a modern technology environment with eMoldino
eMoldino's innovative software solution for tooling digitalization and supply chain management is at the forefront of the digital transformation wave. eMoldino's cloud-based platform utilizes wireless IoT sensors to automate the tooling data collection and processing process, reducing errors and saving valuable time for users. With user-friendly dashboards and customized insights, eMoldino's platform empowers users to make real-time informed decisions without manual data analysis.
The platform's capabilities enable businesses to transition to a modern technology environment, providing a competitive advantage through increased efficiency, reduced errors, and streamlined processes.
By embracing eMoldino's platform, businesses can successfully navigate the digital transformation landscape and stay ahead of the curve in the ever-evolving technology landscape.
Start a conversation with us! — Identify your organization's blind spots and learn how eMoldino can help solve them.
Learn more about how eMoldino can provide real business value, request one of our case studies today or gain further insight through some of our articles!