Companies have realised throughout the pandemic that the future of manufacturing is not about technology and automation, but rather technology and people, said the World Economic Forum's Francisco Betti.
"The more flexible machines remain in the human hand," Betti, head of Shaping the Future of Advanced Manufacturing and Value Chains at the World Economic Forum, told BQ Prime's Niraj Shah at Davos.
"There is a big shift in how manufacturing is perceived," Betti said. "For the new generation, manufacturing will not be a boring and dangerous job, but it will be supported by artificial intelligence, 3D printing and by Internet of Things."
The companies that are investing in new technology and people are not just changing the ways in which they make products, but are also transforming customer experience, Betti said.
"If we think about value creation in the future, the combination of technology and people is allowing companies to think about how to make better products with good services."
The Future Of Manufacturing
According to Betti, the world will witness some change in the global footprints of manufacturing. There are new locations where manufacturing will emerge and they will become a major contributor to the economy, he said.
Companies are building new facilities that will allow them to supply to both the local market and export, he said.
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