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A company's place on the matrix depends on two dimensions – the process structure/process lifecycle and the product structure/product lifecycles. [1] The process structure/process lifecycle is composed of the process choice (job shop, batch, assembly line, and continuous flow) and the process structure (jumbled flow, disconnected line flow, connected line flow and continuous flow). [1]
Big data analytics allows an enterprise to use smart manufacturing to predict demand and the need for design changes rather than reacting to orders placed. [2] Some products have embedded sensors, which produce large amounts of data that can be used to understand consumer behavior and improve future versions of the product. [9] [10] [11]
There are several life-cycle models in each industry to consider, but most are rather similar. What follows below is one possible life-cycle model; while it emphasizes hardware-oriented products, similar phases would describe any form of product or service, including non-technical or software-based products: [16]
Digital thread, also known as digital chain, [1] is defined as “the use of digital tools and representations for design, evaluation, and life cycle management.”. [2] It is a data-driven architecture that links data gathered during a Product lifecycle from all involved and distributed manufacturing systems. [3]
MES may operate across multiple function areas, for example management of product definitions across the product life-cycle, resource scheduling, order execution and dispatch, production analysis and downtime management for overall equipment effectiveness (OEE), product quality, or materials track and trace. [2]
A digital twin can merge the product physical and virtual space. [15] The digital twin enables companies to have a digital footprint of all of their products, from design to development and throughout the entire product life cycle. [16] [17] Broadly speaking, industries with manufacturing business are highly disrupted by digital twins. In the ...
The technology life cycle (TLC) describes the commercial gain of a product through the expense of research and development phase, and the financial return during its "vital life". Some technologies, such as steel, paper or cement manufacturing, have a long lifespan (with minor variations in technology incorporated with time) while in other ...
The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area where it was ...
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