Smart Manufacturing and Industrial Transformation: Economic Impacts on Firm Performance and Market Dynamics

D. K. Norman
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D. K. Norman: University of Denver, United States

Frontiers in Management Science, 2024, vol. 3, issue 4, 13-22

Abstract: The advent of smart manufacturing heralds a transformative era in the industrial domain, reshaping the economic and operational landscape of the manufacturing sector in the United States. This paper delves into the integration of advanced technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and big data analytics, within manufacturing processes, highlighting their profound impact on productivity, innovation, competitiveness, and workforce dynamics. Through a comprehensive review, this paper examines the dual narrative of challenges and opportunities presented by smart manufacturing, ranging from technological integration and cybersecurity risks to workforce transformation and market dynamics shifts. This paper further explores the regulatory and policy implications, underscoring the need for a collaborative approach among industry stakeholders, policymakers, and educational institutions to navigate the transition towards a digitized, interconnected manufacturing ecosystem. This paper synthesizes insights into the economic effects of smart manufacturing on firm performance and market dynamics, offering a vision for the future trajectory of manufacturing in the United States. It concludes that while smart manufacturing introduces significant challenges, it also offers unparalleled opportunities for enhancing efficiency, fostering innovation, and promoting sustainability, marking a pivotal juncture in the evolution of the industrial sector.

Keywords: smart manufacturing; market dynamics (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bdz:frmans:v:3:y:2024:i:4:p:13-22

DOI: 10.56397/FMS.2024.08.02

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