Mass production and standardization revolutionized traditional manufacturing. Now mass customisation and collaboration are driving forward Industry 4.0 or digital manufacturing.Increasingly companies are leveraging digital technologies to assist and benefit all aspects of operations, from streamlining production to providing greater data intelligence insights that can be utilized to adapt various capabilities and outputs.Part of the benefits of these technologies are to remove inefficiencies from the production line, help to reduce the cost of excess inventory and vastly improve the quality of products through real-time feedback, according to Unleashed, a cloud based manufacturing software solution. The key is not only to predict equipment failures or manufacturing glitches but to have greater agility to navigate impacts to our supply chains.Making Smaller Factories PossibleWhile manufacturing tends to be dominated by big players who can afford large capital expenditures, digitized manufacturing is opening the door for SME’s (small to medium sized enterprises) to enter the field.The growing demand from consumers for greater customization and personalization, along with brands' need for greater agility is creating an opportunity for smaller factories. Even with a smaller workforce, SMEs are still able to provide an optimized business operation by using various technologies that can assist with better resource planning and smaller, more flexible orders.In the past, processes may have been kept distinct due to the differences in line speed. This required storage space for semi-finished inventory on the shop floor. Smart manufacturing can help create a seamless manufacturing process enabling one-piece flow through the factory. This will reduce the need for previously distinct processes, enabling optimum line balancing, according to Arvense Group, which helps manufacturers boost competitiveness. 3 Key Elements of a Smart Factory Intelligence. Accurate, instantaneous data enables the right personnel to make highly-informed decisions. In some cases, as with AI technology, decisions are made automatically in response to data. Innovation. Manufacturers are able to leverage detailed business insights, develop new processes and focus on improving business objectives. Responsiveness. Real-time information reduces any delay in responding to issues and can enhance all aspects of productivity efficiencies. Success Comes from Rethinking Processes One of the biggest things that’s holding back manufacturers from greater digitization is finding the right solution from a fast growing range of digital solutions.Many companies get stuck in ‘analysis paralysis’ or they select the wrong solution and end up making their processes worse rather than better.Determining the right solution starts with first clearly mapping out your company’s workflow, according to Sunny Han, founder and CEO at Fulcrum, a cloud based platform that helps manufacturers utilize data to make better decisions.“It's not about taking your current operations and simply digitizing them. The real benefits come from looking at your processes and figuring out what digitization can help you do more efficiently - and then moving to implementing a digital platform,” he said.