The packaging industry is experiencing a technological revolution driven by the need for increased efficiency, higher throughput, high traceability, and compliance. Reconciling all of these needs from brands makes it challenging for converters to protect and grow profitability. This transformation is powered by cutting-edge technology integrations and the utilization of real-time data to make informed decisions. This article looks at how embracing these innovations can significantly enhance the profitability of packaging businesses.
Technology integrations: paving the way for industry 4.0
Integrating advanced technology is crucial for packaging enterprises aiming to optimize their business by boosting capacity and real-time management visibility. At the recent drupa 2024 event, industry leaders from HP, Esko, and eProductivity Software discussed how technology can empower packaging companies.
Automated processes and integrated solutions are at the forefront of this technological evolution. Partnerships between leading companies are fostering the development of industry standards that enable fully automated processes. These integrated solutions help customers manage their data more effectively, converting it into actionable insights, which reduces manual intervention and errors. This leads to streamlined operations and higher productivity.
Collaboration and innovation are essential in paving the way for Industry 4.0. Collaborative efforts among technology partners facilitate the creation of innovative solutions that address common challenges in the packaging industry, such as production bottlenecks and inefficient workflows. By working together, companies can share best practices and leverage collective expertise to drive advancements in packaging production.
Another critical benefit of advanced technology is enhanced production efficiency. Packaging enterprises can monitor and control their production processes in real time, enabling quick adjustments and optimizations. This ensures that production runs smoothly and efficiently, significantly boosting throughput and overall production efficiency, directly impacting the bottom line.
Real-time data for informed decision-making
In today’s digitized world, data has become the lifeblood of modern enterprises. However, the sheer volume of data can be overwhelming, making it challenging to extract valuable insights. Fortunately, AI-like tools and technologies are available to assist teams in discerning the important and urgent from the giant pools of information.
Understanding actionable insights is critical. These meticulously crafted conclusions derived from in-depth data analysis and AI-like tools provide clear pathways for informed decision-making. Packaging manufacturers can obtain a holistic view of internal efficiencies and market forces by integrating discrete and continuous data streams, leading to better strategic decisions.
Crafting actionable insights involves a structured approach. Manufacturers should set clear objectives, such as enhancing production efficiency or improving customer satisfaction. Equipped with advanced analytics platforms and automation technologies, businesses can streamline the data analysis process, allowing them to focus on higher-level interpretative work and strategic planning.
Contextualizing data adds significant value. By analyzing the context behind the data, businesses can uncover its real-world implications. For example, a drop in sales might be significant when viewed against market trends or competitors’ actions. Contextualization lays the groundwork for predictive analytics, enabling leaders to make informed decisions based on underlying trends.
Boosting profitability in the packaging business
Integrating advanced technology and leveraging real-time data are essential steps toward boosting profitability in the packaging industry. Here are some strategies to achieve this:
First, set clear objectives to align data analysis with specific business goals, such as reducing waste, increasing sales, or improving client satisfaction. This ensures that the insights derived from data directly support strategic objectives.
Equipping teams with the right tools is also crucial. Investing in a streamlined tech stack enhances efficiency and relevance. Automation and scalable solutions can significantly reduce manual tasks and improve data flow, leading to more effective insight generation.
Embrace visualization to translate complex data into intuitive visuals that highlight trends and metrics. Real-time visualization provides the most current data view, allowing immediate responses to new insights.
Traceability and compliance reporting add a significant layer of cost to converters. As a result, it is essential to have such technology as part of your workflow so that the additional information and validation happen automatically and alongside production processes.
Gamification of the experience can make data engagement exciting by incorporating game design elements. This approach motivates team members, fosters deeper commitment, and encourages proactive problem-solving.
Lastly, dialogue and adaptation can be promoted by fostering a culture of collaboration. Making data transparent and accessible across the organization drives strategic decision-making and helps teams adapt swiftly to industry changes.
Product spotlight: eProductivity Software’s solution for profitability
The latest advancements in ePS’ rearchitected Radius ERP and ePS Packaging Suite include intuitive workflows, advanced integrations, built-in traceability, and automation capabilities. ePS partners with industry-leading systems, including HP Indigo PrintOS and Esko Automation Engine – these integrated innovations enable full digital workflow automation from order receipt through production.
The comprehensive automation provided via ePS integrations clarifies job costing, optimizes press utilization, streamlines production, provides Chain of Custody (COC) information, and enhances operational efficiency. This gives packaging converters real-time visibility and traceability to boost revenue and profit.
In addition, enhanced real-time data quality from operations, estimating, and manufacturing processes, supported by ePS Business Intelligence and AI, allows for refined operations, predictive maintenance, and optimized scheduling.
The ePS Packaging Suite ecosystem featuring an enhanced ePS Automator, the all-new ePS Fusion, and eFlow Enterprise Service Bus, excels in complex, multi-plant, and multi-ERP environments, acting as a central hub to improve workflow orchestration and third-party integrations, ultimately enhancing enterprise-level data flow, business performance, and customer satisfaction.
Conclusion
The packaging industry is at the cusp of a technological transformation, where advanced integrations, real-time data, and AI tools play pivotal roles. By embracing these innovations, packaging businesses can significantly enhance their profitability. Through strategic alignment of data analysis with business goals, equipping with the right tools, and fostering a collaborative culture, companies can turn data into actionable insights and drive their teams towards a future packaged in success.
Company bio:
ePS Packaging, the packaging operating unit of eProductivity Software (ePS), enables the creation of innovative packaging experiences that drive a more engaging, colorful, and sustainable world.
ePS Packaging empowers packaging companies worldwide to realize this vision by harnessing technology to manage their business and manufacturing processes, enabling them to drive profits and retain a competitive edge.
At ePS Packaging, our mission is to revolutionize the packaging industry through innovative solutions that address their challenges and empower them with cutting-edge technology and strategic partnerships.
We strive to be the driving force behind our clients’ success today and tomorrow, setting new standards in efficiency, sustainability, and customer satisfaction. By constantly pushing the boundaries of possibility, we aim to transform how packaging solutions are conceived, produced, and utilized, shaping a more sustainable and prosperous future for our industry and the world.
Learn more at www.epackagingsw.com
Author bio:
Aleks Zlatic
Aleks is Head of Product and Market Development at eProductivity Software, driving profitable growth in its packaging operating unit: ePS Packaging.
Aleks has enabled ePS to increase its footprint at large key customers, gain market share in established markets, and expand the business into new emerging markets.
Previously, Aleks led growth at high-tech operating companies (Esko and X-rite Pantone) in the product ID division of Danaher Corp., Barco Group, and LMX Corp (Lego), operating in domestic and emerging markets for over 25 years. Prior to that, he established and exited a successful start-up in Toronto, Canada, using disruptive technology for packaging and print pre-production. Aleks lived and worked in Canada, Brazil, Mexico, and now the USA.
Aleks holds a Global Executive MBA from IE Business School.
Video:
How is digital transformation revolutionizing the packaging industry?
Filmed at drupa 2024, this fireside chat features industry leaders from ePS, HP, and Esko discussing how to optimize throughput and boost profitability.