Why Industry 4.0 deserves our attention?

Industry 4.0 is the kind of digital transformation happening by leveraging existing data and sources. It is just not another market buzz word but a process transforming existing and manufacturing new processes to create new services and business model which led to a value creation processes.

With Industry 4.0 it is possible to analyze data across machines which enables faster, flexible, and more efficient ways to produce higher-quality goods at minimum costs. This manufacturing revolution continues increasing productivity, fostering industrial growth, and modify the profile of the workforce by changing the competitiveness of companies and regions.

So, it is an information intensive transformation happening in a connected environment of big data, human, machines, service systems and most importantly IoT-enabled industrial assets for the generation of actionable insights and information as a way and means to realize smart industry and ecosystems of industrial innovation and collaboration.

The power of Industry 4.0 lies in the network of machines that are digitally connected with one another to create and share information. It offers the opportunity for manufacturers to optimize their operations quickly and efficiently by knowing what needs attention.

Industry 4.0 Technologies includes the following as a growing trend towards automation and data exchange in process

1.Big Data & Analytics

2.The industrial internet of things (IIoT)

3.Cyber Security (CPS)

4.Simulation

5. Augmented Reality

6.Cloud computing

7.Autonomus Robot

8. Artificial intelligence

9. Horizontal and Vertical Integration

Some Business Benefits of Industry 4.0

With Industry 4.0, the ROI opportunities are significant because of the benefits the technologies offer.

Improved Productivity and Efficiency

Industry 4.0 technologies enable to do more with less. In other words, it can produce more and faster while allocating all the resources more cost-effectively and efficiently.

Due to this production lines also experience less downtime because of enhanced machine monitoring and automated/semi-automated decision-making. Other examples of improved efficiency include faster batch changeovers, automatic track and trace processes, and automated reporting.

Increased Knowledge Sharing and Collaborative Working

Industry 4.0 technologies allow different business production lines, and departments to communicate regardless of location, time zone, platform, which enables, knowledge learned by a sensor on a machine in one plant to be disseminated throughout the organization.

Best of all, it is possible to do this automatically, i.e. machine-to-machine and system-to-system, without any human intervention.

Flexibility and Agility

The benefits of Industry 4.0 also include enhanced flexibility and agility. For example, it is easier to scale production up or down in a Smart Factory as well as introduction of new products to the production line to create more opportunities.

Better Customer Experience

Industry 4.0 also presents opportunities to improve the service you offer to customers and enhance the customer experience. By using automated track and trace capabilities customer issues can be resolved very quickly.