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To stay ahead of Industry 4.0, component manufacturers must introduce innovative, specialized procedures that outperform their competitors.

• This is especially true as low-cost players enter the market, unencumbered by legacy technology or outdated manufacturing methods. Disruptive business influences, such as market variability and skills shortages, complicate matters, as connected machines generate a wealth of data.
• Digital practices allow companies to reimagine business models using software and artificial intelligence (AI) solutions to efficiently solve everyday manufacturing challenges.
• A holistic digitalization approach can accelerate necessary change for component manufacturers, driving greater operating efficiency, velocity, and revenue outcomes.
• Key drivers include simulating factory and line environments before investing in expensive production machinery, operating an agile manufacturing execution system (MES) using planning dashboards and integrated quality management system (QMS) software, and optimizing production processes based on operational data.
• By implementing smart manufacturing, component manufacturers can plan, execute, and optimize their manufacturing processes, ensuring they deliver specialized products without increasing resources or costs.

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