"The future of manufacturing will make Star Trek replicators look primitive," opined Marc Andreessen, co-founder of influential Silicon Valley venture capital firm Andreessen Horowitz. Andreessen's prediction pertains to the blossoming field of 3D printing—a technology that is set to redefine industries across the spectrum, from healthcare to the automotive industry with Fortune 500 companies keenly interested in harnessing these advancements.
The Emergence of 3D Printing in Strategic Management
3D printing, or additive manufacturing, is a process that creates three-dimensional objects from a digital file. It has revolutionized traditional manufacturing methods by enabling businesses to produce complex, custom-designed parts with high precision and minimal material wastage. This technology presents unprecedented opportunities in Strategic Planning, Digital Transformation, Business Transformation, and Innovation, necessitating its focus in the discussions of top-tier management worldwide.
The Management Approach to 3D Printing
Firms hoping to utilize 3D printing effectively must adopt a cross-functional approach. Seamless integration into existing processes can be achieved through careful Strategy Development and Change Management. Leaders should also instill a Culture that encourages technological exploration and adaptation to foster Innovation and Operational Excellence.
3D Printing's Impact on Industries—and Profits
A McKinsey report estimates the total economic impact of 3D printing technology to reach up to $550 billion annually by 2025, underscoring the significant potential for value creation. Companies such as Ford, GE, and Boeing already leverage the technology for product development and manufacturing, signifying the extensive applicability of this technology.
Ford: The auto giant uses 3D printing to prototype parts for testing, aiming for better fuel efficiency and lower costs.
General Electric (GE): Uses additive manufacturing to create fuel nozzles for its LEAP engine, reducing the part count from 18 to 1, thus saving on production time and costs.
Boeing: The aerospace powerhouse incorporates 3D printing in manufacturing, producing over 20,000 3D-printed parts for its various aerospace platforms.
Such real-world applications highlight the paradigm shift towards customized production, cost efficiency, and heightened innovation.
Key Principles for Implementing 3D printing
In deploying 3D printing initiatives, executives should consider these crucial steps:
Identify Opportunities: Align 3D printing potential with business objectives. Collaboration between stakeholders across departments can identify areas where the technology can generate maximum value.
Build Internal Capabilities: Invest in employee training and infrastructure. A competitive edge in 3D printing requires a skilled workforce and state-of-the-art machinery.
Institute Governance: Ensure smooth integration by modifying or establishing new governance structures. Procedures such as quality control, supply chain alterations, and hierarchical oversight can facilitate successful implementation.
Monitor Progress: Assess the impact of 3D printing initiatives periodically. A robust Performance Management system can measure progress towards key business goals and provide data-driven insights.
3D printing offers an untold wave of possibilities in Strategic Management. However, integrating it requires careful consideration and due diligence. Successful adoption necessitates an open-minded yet thoughtful approach, emphasizing collaboration, ongoing skills development, and proactive Risk Management. As more firms join the 3D printing revolution, those that leverage it optimally will likely lead the Industry 4.0 era in their respective sectors.
CUSTOMER TESTIMONIALS
"FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it's like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead."
– Roderick Cameron, Founding Partner at SGFE Ltd
"If you are looking for great resources to save time with your business presentations, Flevy is truly a value-added resource. Flevy has done all the work for you and we will continue to utilize Flevy as a source to extract up-to-date information and data for our virtual and onsite presentations!"
– Debbi Saffo, President at The NiKhar Group
"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."
– Roberto Fuentes Martinez, Senior Executive Director at Technology Transformation Advisory
"As a consultant requiring up to date and professional material that will be of value and use to my clients, I find Flevy a very reliable resource.
The variety and quality of material available through Flevy offers a very useful and commanding source for information. Using Flevy saves me time, enhances my expertise and ends up being a good decision."
– Dennis Gershowitz, Principal at DG Associates
"As a consulting firm, we had been creating subject matter training materials for our people and found the excellent materials on Flevy, which saved us 100's of hours of re-creating what already exists on the Flevy materials we purchased."
– Michael Evans, Managing Director at Newport LLC
"My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success."
– Bill Branson, Founder at Strategic Business Architects
"As a young consulting firm, requests for input from clients vary and it's sometimes impossible to provide expert solutions across a broad spectrum of requirements. That was before I discovered Flevy.com.
Through subscription to this invaluable site of a plethora of topics that are key and crucial to consulting, I have been able to exceed expectations and deliver quality advice and solutions to my clients. The quality and expertise of the authors are exemplary and gives me great confidence to use as part of my service offerings.
I highly recommend this company for any consultant wanting to apply international best practice standards in their service offerings. "
– Nishi Singh, Strategist and MD at NSP Consultants
"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."
– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership
SELECT CUSTOMERS
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes across the world—in over 130 countries.
Below is just a very small sample of our customer base.
Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.