The Impact of AI and Advanced Analytics in Manufacturing

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Subscribe here to receive this newsletter each month.   The Impact of AI and Advanced Analytics in Manufacturing “Advanced analytics and artificial intelligence (AI) should now touch every facet of your value chain, from inventory forecasting and procurement to quality control and production,” writes Laurie Harbour. “Embracing these technologies holistically allows you to better position your company for success, increasing efficiency and agility across your operations.” This month’s love letter from Laurie implores manufacturers looking to implement AI and advanced analytics to consider synergistic relationships across the operation, including inventory, procurement, maintenance, quality control, supply chain, production and sustainability.   PARTNER CONTENT   Can You Lower an EV's Environmental Impact Before the First Mile? Nucor is helping to decarbonize the auto industry with Econiq—the world's first line of net-zero steel products at scale. For more the 50 years Nucor has pioneered circular, electric arc furnace steelmaking that recycles scrap into new steel.   New Industry 4.0 Forum and ERP Shootout Event Set for August MetalForming magazine and the Precision Metalforming Association will host an informative forum on Industry 4.0 applications for metal formers and fabricators, and a tour of some of the industry’s leading ERP software systems, on August 13-14 in Cleveland, OH. The Industry 4.0 Forum and ERP Shootout features presentations on Industry 4.0 applications, sessions that provide attendees with an in-depth software demonstration from four leading suppliers, and panel discussions designed to address questions regarding software features and functionality.   The Tariff Men: Biden Continues Trump’s China Tariffs Better late than never is how one might describe the Biden administration’s release of its report on the effectiveness of former President Trump’s tariffs on Chinese imports. The report resulted in President Biden increasing tariffs on a targeted group of Chinese imports, including electric vehicles, steel and aluminum, and semiconductors.   PARTNER CONTENT   Find Steel The North American Steel Alliance is your connection to 375+ steel distribution sites across North America. Need steel? Our 120+ Service Center Members have it, including Plate, Structural, Merchant Bar and Tubular products as well as Expanded Metals, Cold Finished Bar, Bar Grating and Pipe.   Webinar: Insights from a Tier One Auto Supplier’s Cyberattack Cyberattacks are on the rise, and the importance of cybersecurity cannot be overstated. As cyber threats evolve and become more sophisticated, protecting your employees, company IP and customers' information has become a critical priority for manufacturers. On July 9, 2 p.m. ET, PMA’s cybersecurity partner, Systems X, will provide a webinar describing a recent cyberattack on Tier One automotive supplier Thai Summit America. Presenters from both companies will dive into the attack to share insights, the repercussions and the ongoing efforts to restore security and rebuild trust.   The Nuts and Bolts of a Profit and Loss Statement When preparing to sell a business, preparing easy-to-follow financial statements becomes critical.  So notes this in-depth blog post from San Diego, CA-based manufacturing-business brokerage The Precision Firm. The blog takes a deep dive into the three most important aspects of an income statement: revenue, cost of goods sold (COGS) and expenses. “For manufacturing, having underutilized COGS expenses,” the blog notes, “will lower your valuation. What are the direct costs in creating the product that you sell, including labor?”   PARTNER CONTENT   Increase Automation on Your Shop Floor Struggling to meet delivery dates? Constantly reengineering on the shop floor? We've got you covered. Tailored for the needs of discrete manufacturers, Aptean's suite of software solutions provides unparalleled production scheduling efficiency and profit visibility. By integrating real-time insights with strategic planning tools, our platform maximizes visibility, automation and long-term growth.   A Machine Shop’s Journey to a Four-Day Work Week Last October, Machineosaurus Mfg. Co., a machine shop based in Bridgewater, MA, made the switch to a four-day workweek. Since the shift, the nine-person company has found that by working shifts from 6 am. to 4 p.m. Monday to Thursday—rather than from 6 a.m. to 2 p.m. Monday to Friday— it has been able to boost weekly sales per payroll dollar by 50%. One of the biggest benefits from the switch: adjusting the logistics of overtime work.   Free Webinar: The Basics of Safety Data Sheets Hazard-communication safety data sheets (SDSs) prove essential in helping workers understand the chemicals that they may be exposed to in the workplace. SDSs also often are required by OSHA to have on-hand, and manufacturers may need to maintain and provide their employees access to SDSs if chemicals are present in the workplace. This free, 30-min. webinar, July 18 at 1 p.m. CT, covers the basics of the Hazard Communications Standard with a focus on SDSs.   PARTNER CONTENT   Put Your Company at a Competitive Advantage Position your company as an industry leader when you utilize PMA resources—ITR Econ Trends reports, trade publications, One Voice and FABTECH trade shows. A PMA membership will provide your company and all of its employees with a range of valuable industry resources that are designed to help you become more connected, more informed, more efficient, more competitive and ultimately more profitable.   Lockers Manufacturing Breaks Ground on Expansion Project   Lockers Manufacturing, Batesville, MS, held a ceremony on May 31 to celebrate the groundbreaking on its new 15,000-sq.-ft. expansion.   Business Conditions Report: Not Much Optimism Metal forming manufacturers’ forecast for economic activity over the next three months continues to dip, according to the June 2024 Precision Metalforming Association (PMA) Business Conditions Report. PMA’s June report reveals that only 14% of those responding to the survey predict an increase in economic activity during the next three months, down from 19% in May, while 30% anticipate a decrease in activity, up from 26% in May.   MetalForming LIVE Coming Up Quickly—Register Today! Register today to attend one, two or all three of the upcoming MetalForming LIVE online events. The three-part 2024 MetalForming LIVE series: July 10—End-of-line automation July 24—Strategies for stampers dealing with high-strength steels and aluminum grades, including advice on die spotting and applying in-die sensing and tonnage-monitoring technologies August 6—Press brake selection and tooling optimization.     MetalForming magazine is the official publication of Precision Metalforming Association. PMA Services Inc. 6363 Oak Tree Blvd. | Independence, OH 44131-2500 | USA 216-901-8800

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