The electronics market is one that is driven by innovation and future thinking, and it draws businesses that thrive on the pressure of being on the forefront of technology and change. With every new opportunity comes a challenge, so those looking to enter the smart electronics market or increase their existing market share need to be aware of the challenges being presented. Here are a few common challenges likely to impact today’s smart electronics market player, and how they can be overcome.
· Going green
Electronic products that are energy efficient and manufactured in an ethical and earth-friendly manner are no longer outliers in their field. Today’s consumer takes a much larger interest in where their devices are coming from, and what their environmental costs are. Climate change is going nowhere, so this demand is likely to increase with time. To work with this need, it’s recommended that manufacturers get ISO certification to attest to their green efforts.
· Need for speed
Instant gratification is one of the hallmarks of 21st century living, and the smart electronics market is not immune. Manufacturing delays are increasingly likely to lose important clients and customers. This means that manufacturers need to offer accelerated delivery through logistical agility at every touchpoint – from having a more efficient factory floor, to being able to update and fix products quickly. To meet this need for speed, businesses will need to integrate more digitally executed functions and create an instantaneous customer feedback loop through social media.
· Data based learning
Despite being an industry that relies heavily on complex machinery, smart electronics produces little in the way of analytics and data. Many businesses still rely on data collection via databases and locally generated logs, and this introduced the danger of human error. Data collection and analysis needs to move towards open technologies and a cloud service so that the information technology and manufacturing departments can work hand in hand when needed through a centrally accessible source.
Ensuring a smart electronics business remains competitive, has longevity, and stays profitable means embracing challenges instead of shying away from them. Adopting this proactive approach will ensure change is integrated well and doesn’t create negative shockwaves every time a new challenge occurs.