Digital Is Changing The Economics Of Manufacturing

Digital manufacturing is rapidly changing the fundamentals of how products are developed, scaled and manufactured. By digitizing traditional manufacturing methods, including injection molding and CNC machining, and leveraging newer technologies, like 3D printing, the industrial internet of things (IIoT) and artificial intelligence (AI), companies are optimizing their supply chains, reducing development cycles, increasing efficiencies, and driving down costs. The Fourth Industrial Revolution continues to gain traction and is completely changing the economics of manufacturing, for those willing to embrace the change that is. Digital manufacturing breaks down barriers from traditional methods and reduces risk in product development, enabling manufacturers to bring products to market faster, and more effectively than ever before.Protolabs Empowered by connectivity and social networks, consumers are demanding more personalization than ever before. A Deloitte report noted half of consumers are interested in customized products and would be willing to pay more and wait longer if they could have an active role in design. The move from mass production to mass customization has historically had high cost implications, but the balance is beginning to tilt.