Industry 4.0 refers to a new phase in the manufacturing industry with a heavy focus on automation, inter-connectivity and real-time data. It involves the use of the Internet of Things (IoT), Big Data, Cloud Computing, and cyber-physical systems to achieve the goal of a smart factory. Industry 4.0 combines physical operations and production with machine learning, smart digital technology, and Big Data to create a connected ecosystem for companies with a focus on manufacturing and supply chain management.
In this article, we will take a look into why Industry 4.0 matters and the key factors crucial to creating value with it:
Why Industry 4.0 matters?
Today’s manufacturers face many challenges such as market volatility, shorter product life cycles, and high product complexity. Industry 4.0 helps to ease out these challenges by making the manufacturers flexible and responsive to market trends. By allowing the manufacturers to speed up on innovations, it helps them to implement new business models faster. Industry 4.0 provides the manufacturers with a means to reach out to end consumers directly and customize their business accordingly.
Key Factors Crucial to the Success of Industry 4.0
Strategically Align Industry 4.0 to the Company’s Capabilities
If companies are looking to gain competitive advantage and enhance their business in the long run, then they should implement Industry 4.0. For this, they need to have a clear understanding of their capabilities that differentiate them from others. Companies have to set targets and prioritize the measures that will add the most value to their business.
Define a Value Structure
In order to build a business around Industry 4.0, manufacturers should have a clear picture of their firm’s value drivers and measurable goals around them. They will have to assess potential risks and benefits and also reprioritize and rebalance Industry 4.0 initiatives as per the company’s requirements.
Validate the Business Model
Industrial companies have to reflect on the validation of a business model and estimate the large impact that Industry 4.0 technologies can have on the aspects of the company’s functions which comprises of both value chain and supporting processes.
Have a Cross-Functional Approach
The era of isolated functional excellence is long gone and now is the time for a cross-functional approach. This approach is also required for the successful implementation of Industry 4.0 technologies for companies. Since Industry 4.0 involves an amalgamation of technologies, all the functions need to work together to enhance the operational model and deliver end-to-end capabilities.
Industrial firms need to have the resources and capabilities to plan and execute Industry 4.0 initiatives. Considering the large impact, Industry 4.0 will have on the manufacturing landscape, the ability to implement and manage such transformative initiatives is bound to get harder.
As with any new disruptive technology, having the right approach matters for Industry 4.0 transformation to pay off. Companies need to have the correct business models in order to fully utilize the opportunities offered by Industry 4.0. If companies have a clear understanding of what Industry 4.0 can do to their business, then implementing Industry 4.0 will be a huge boon for them.
By combining the power of Augmented Reality, IoT, Machine Learning and Deep Learning, SMACAR Solutions helped a manufacturing client with a means to give upfront training, support and making data available in real-time for their factory-line workers resulting in a faster execution rate, fewer errors, less damage while execution and higher efficiency. Click the link to know more – https://smacar.com/augmented-reality-industrial-sector/Tags: Artificial Intelligence Augmented Reality Deep Learning Industry 4.0 IoT Machine Learning Virtual Reality