Industrial and manufacturing systems engineering is a field that involves the designing, improvement, and installation of integrated systems for industrial production. The impact of industrial and manufacturing systems engineering on global economies is significant. The followings are ways in which Industrial and Manufacturing Systems Engineering has influenced global economies:
1. Increased efficiency in production
One of the benefits of industrial and manufacturing systems engineering is the improvement of efficiency in production. With the implementation of advanced technologies such as automation and robotics, companies can produce goods at a faster rate with minimal human input. This has enabled businesses to operate on a larger scale with reduced labor costs resulting in higher profit margins.
2. Improved quality control
Manufacturing systems engineering has progressed to a point where quality control can minimize errors and faults in production. Using quality control techniques such as the Six Sigma, Total Quality Management, Statistical Process Control, companies can manufacture products of exceptional quality with minimal wastage.
3. Economies of scale
Industrial and Manufacturing Systems Engineering has enabled companies to leverage economics of scale by producing goods in large quantities. Additionally, advanced technology in production lowers overall production costs, which increases profit margins for businesses.
4. Job Creation
Industrial and Manufacturing System Engineering has improved job creation. As companies expand due to the implementation of better production systems, job opportunities for skilled workers and technicians arise.
5. Resource Consumption
The efficient use of resources has been a prime focus for industrial system engineers. This focus has made the manufacturing process sustainable, effective, and environmentally friendly. The use of renewable energy sources, recycling techniques, and environmentally friendly production processes have minimized industrial waste and increased profits.
6. Globalization of Manufacturing
Globalization has positively impacted Manufacturing sectors across the world. Globalization in the Industrial sector has made it possible for companies to expand their operations and establish production facilities worldwide. This globalized industrialization has allowed companies to utilize cheaper labor and resources from developing countries.
In conclusion, Industrial and Manufacturing Systems engineering has revolutionized global economies. Improved efficiency, quality control, economies of scale, job creation, resource consumption, and globalization of manufacturing are clear examples of how the industry has impacted global economies. Industrial and Manufacturing system engineering has played a pivotal role in the success of various business operations, and it will continue to shape the future of manufacturing industries worldwide.