B2B Manufacturing Insights | Q2 2024

AI is everywhere.  

Everything from customer service to smart products to writing software code, people, businesses and government are looking to understand how to best apply this ever-growing AI technology. In B2B manufacturing, AI has the potential to transform every stage of the production process, from design and optimization to production line management and predictive maintenance.   

However, as with any new technology, there are pros and cons.  While AI technology can enhance efficiency by analyzing data sets, optimizing production processes and streamlining workflows, there are also concerns about the accuracy and security of the data being used to feed these AI tools.

Generative AI, for example, is a creative solution that doesn’t provide facts, but rather an interpretation based on facts. This requires constant scrutiny and validation of Gen-AI output before using it.  

In a rush to use a new generative AI tool, companies may add data that is not 100% validated and accurate. Just one piece of erroneous data, once it is out in the algorithm, can perpetuate itself and contribute to inaccurate or potentially harmful products.  

At Configit, we have built our business on evangelizing the power of 100% accurate data. Without that, everything else you build on that foundation is compromised. To fully gain the advantages of AI, it is critically important that all the data you are feeding the AI interface is validated, accurate and up to date.  

Our upcoming 2024 Configuration Lifecycle Management Summit will feature presentations on this very topic, including a keynote address from Paul Cutsinger, Director of NVIDIA Omniverse Ecosystem, who will explore how the latest advancements in open standards, AI, robotics, and computer graphics are enabling manufacturers to digitalize and unlock new levels of innovation, automation, and efficiency, from design to operations. 

Read more about the CLM Summit here.  

💡 Analyst Insights

McKinsey | Implementing generative AI with speed and safety  

McKinsey research has estimated that gen AI has the potential to add up to $4.4 trillion in economic value to the global economy while enhancing the impact of all AI by 15 to 40 percent.  

While many corporate leaders are determined to capture this value, there’s a growing recognition that gen AI opportunities are accompanied by significant risks. 

This roadmap from McKinsey shows how companies can mitigate risk while moving to capture opportunities from day one. 

Read the article

Bain and Co | Artificial Intelligence Rockets to the Top of the Manufacturing Priority List 

As machinery and equipment companies build new tech muscle, they are investing heavily in artificial intelligence (AI).  

In fact, the AI market in industrial machinery, which includes intelligent hardware, software, and services, is expected to reach $5.46 billion in 2028, according to the Business Research Company. 

Read more from Bain and Company about how increased adoption of artificial intelligence significantly boosts productivity and improves performance. 

Read the article 

📺 Webinars and Tech Talks

Our library of on-demand Webinars and TechTalks covers a range of topics designed to help manufacturers respond swiftly to dynamic market requirements by mastering product complexity across the enterprise.

• Learn how “out of the box” functionalities in a modern configuration engine, powered by Virtual Tabulation® technology, can improve your customers' user experience and guidance in the configuration process to ensure not only increased sales, but mitigate the risk of losing leads on your website.  [Watch here]
• In this Tech Talk you will hear Configit Chief Technology and Product Officer Damantha Boteju discuss how Configuration Lifecycle Management (CLM) provides a “digital configuration thread” that can help better manage product configurations.  [Watch here]

🗓️ 2024 CLM Summit May 15 + 16

The Configit Configuration Lifecycle Management (CLM) Summit is the premier event for CLM practitioners from around the globe.

Held this year on May 15 and 16, the Summit brings together manufacturing experts, innovators, and leaders to share experiences, success stories, and insights on how to transform the end-to-end configuration management process into a competitive advantage.

As the first of its kind global conference for CLM practitioners, the Summit provides attendees with a unique opportunity to learn from and network with the leading minds in the field. 

Visit the CLM Summit page to explore past events as well as keep up to date on future Summit announcements including agenda, speakers and registration information. [Learn more]

📖 Latest Blog Posts

• Historically, product configurators have been bundled within other systems, such as CPQ and PLM. By decoupling the “C” in configure, price, and quote solutions, manufacturers can truly scale their operations as products continue to become more complex. In this blog post, Configit Chief Strategy Officer Henrik Reif Andersen explores the need for a composable architecture, and the strategic value NVIDIA's Omniverse brings to the all-important customer experience.  [Read here]
• A crucial challenge in mechanical and plant engineering is the demand for ever-increasing personalization and configurability of products and systems. This requires manufacturing companies to master the resulting product complexity arising from the multitude of possible product variants.  This blog post by Dr. Florian Harzenetter, Senior Director and Global Advisor at PTC, explores how to use a platform approach for integrated and seamless configuration management.  [Read here]

View more on-demand content by visiting the Webinar and Tech Talk sections of our website.

🔦 Customer Spotlight

Signify | Increasing Operational Excellence and Customer Experience  with a SaaS Sales Configuration Solution  

“Since deploying the new SaaS solution, Signify has experienced greater efficiency. The throughput time for entering quotes has been significantly reduced with the increased system performance." 

Read the customer story here or by clicking the image below:

Geely | Developing a Powerful Sales Configurator in Just Three Months 

Until now we tried this with some of the big platform configurator solutions from the ERP and PLM space. But Configit is the only player in the product configuration management market with both a deep understanding of the automotive manufacturing sector and a market-leading product with the power to help Zeekr change the world of mobility." 

Liu Hao, Zeekr Vice President 

Read the customer story here or by clicking the image below:

🗞️ In the News

• Learn how effective configuration management assists chip fabs in meeting demand for the semiconductors that are powering the modern world.  [Read the article]
• Read why a shared source of configuration truth is the key to delivering on the sustainability promise in this article by Configit Chief Strategy Officer Henrik Reif Andersen and Configit Vice President of Product Management Henrik Hulgaard. [Read the article]