In the factory of the future, manufacturers will improve production by applying new design principles, implementing digital technologies, and integrating processes across the value chain. Such steps will reduce total conversion costs by up to 40%. Flexibility, quality, speed, and safety will also be enhanced.
Industrial Companies Recognize the Opportunity
Production managers from leading industrial companies have high ambitions to enhance their factories by implementing elements of the factory of the future, but they are struggling to build momentum. Of more than 750 respondents, 74% said that their company has implemented or plans to implement elements of the factory of the future within the next five years, but only 25% said they achieved their related targets last year.
MAKING THE VISION A REALITY
Industrial companies should focus on three dimensions: plant structure, plant digitization, and plant processes. They also must address topics related to three enablers—strategy and leadership, employee skills, and IT infrastructure—to make this vision a reality. Finally, manufacturers must develop an implementation roadmap and a multistep approach to tailor it to the company's starting point.
BCG：The Factory of the Future