This is how 3D printing can give a boost to your manufacturing business
3D printing has long been considered a tool to quickly design and produce one-off prototypes. But as the technology is becoming more accessible, affordable, and capable, it is redefining the way manufacturers think about running their business. From designing, prototyping to even production, 3D printers have transformed the global manufacturing business landscape.
Also referred to as the ‘Additive Manufacturing Industry’, 3D printing has grown by 17.4% in worldwide revenues since 2016. It now boasts a footprint in a wide span of industries with a total worth of more than USD 6 billion today. Research firms predict these number will rise by more than 30% by 2020.
Read more to know about the widespread applications of 3D printing technology and how it can provide a boost to your manufacturing business:
Foster quicker business communication
Right from communicating with customers to employees to various stakeholders, even if they are in a remote location, is essential for productivity and success. With 5G in place, you can stream high-end videos, audio and images in the real time, without any lag, thus reaching out to everyone who matters.
Faster speed and enhanced coverage through 5G will foster better and improved communication with employees,customers and various stakeholders for better business outcomes.
High Return on Investment
As the technology continues to improve, 3D printers can produce more and more parts at a higher return on investment (ROI) than conventional manufacturing techniques. As the production capability of these printers increase due to automation of processes, the total cost of manufacturing is trimmed dramatically. The result is more ROI, with cost-effective products created quickly and without manual intervention.
More flexibility with designs
As 3D printing is a more flexible technology, it gives an option for designing teams to experiment with structures that are stronger and more interesting. It also enables them to create complex geometric shapes that previous methods of manufacturing were incapable of realizing.
The technology also empowers the client to engage with the creation of their design from start till finish. If anything needs adjusting, ranging from the materials used for the design to the actual fabrication, the client will be able to respond immediately, prior to the final production.
Rapid manufacturing process
The additive manufacturing technology has greatly reduced the time it takes to create a working prototype of a product. The cheaper and quicker prototype creation speeds up the production, thereby reducing costs across the board and hastening the total manufacturing process. It also allows the manufacturer to go directly from designing to manufacturing, and hence reduces time to market dramatically since it doesn’t require a tooling process.
Reduction in waste and improved use of resources
Unlike the traditional manufacturing methods in which the raw materials are used in the form of sheets, rods, or beams that result in huge scraps being left on the manufacturing floor, 3D printing technology uses only the materials it needs to build the products. The leftover materials can be used in subsequent production process and theoretically, additive manufacturing process is capable of producing zero waste.
The evolution of 3D printing technology has opened up a wide range of market opportunities with many applications across varied industries. The biggest impact of the technology, however, has been that it reduces the barriers for small entrepreneurs by offering low costs for prototyping, allowing greater flexibility and production of parts with low capital investment.
You can harness the potential of 3D printing with Equipment loans from Reliance Money and give your manufacturing business the boost it deserves.