The electronics industry like any other segment has been hit hard by the ongoing COVID-19 pandemic. With major disruptions in manufacturing and supply chains, the industry players are now gearing up for unparalleled transformation measures to sustain and thrive amid economic uncertainties.
The crisis has also unfolded the emergence of new business continuity trends for the sector backed by cutting-edge technologies and innovation and in this blog piece we will decode them in detail-:
E-Commerce: The new enabler for supply chains
The manufacturing players in the industry are transforming their supply chains via integrating digital platforms and online channels. With the offline stores on the brink of a shutdown, digital optimisation of supply chains will enable manufacturers to propel efficiency and garner visibility into business processes. This will not only enable them to sustain their net profits but will also pave the way for new potential customers and drive sales. Integrating with e-commerce, manufacturers are benefitting from the allowing advantages-:
- Improved inventory visibility and management
- Improved logistics
- Enhanced business efficiency and cost control
Automation
Automation is playing a key role in the elimination of tedious manual tasks, driving significant productivity and efficiency for businesses. While a considerable portion of the enterprises is still heavily relying on manually driven processes, the adoption of automation will witness a rapid rise owing to its strategic benefits of improved margins, low OPEX and enhanced scalability.
Artificial intelligence
Top-level executives in the electronics industry have realised the business importance of integrating AI in their ecosystem. Industry giants including Hitachi, Samsung and Mitsubishi are utilizing AI to perform advanced research and amplify their R&D initiatives. The firms have aggressively invested in the technology to optimise their existing product range and offer a customised experience to consumers. The technology has now enabled manufacturers to have a better understanding of the usage patterns of their customers as well as their specific needs and preferences.
Internet of Things(IoT)
Electronics manufacturers are now embracing the ecosystem of connected devices and it's a win-win proposition from the consumer standpoint as well. Wi-Fi enabled devices are now sending real-time data to manufacturers including the health of appliances, service data and much more. As digital transformation races across nations, there lies a huge opportunity for the electronics industry in the ‘’connected home’’ concept
Empowered with sensors, computing ability and internet connections, home appliances can now increasingly perform offloading tasks, facilitating the day to day activities of end consumers.
Ravish Dhiran
www.linkedin.com/in/ravishdhiran
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