Industry 4.0 indicates the recent transformation in the world of manufacturing and production. This fourth revolution in the industry marks the digitization of manufacturing process. Influenced by the third manufacturing revolution, industry 4.0 integrates the use of autonomous technology with Artificial Intelligence and Machine Learning.
So What Is The Big Deal About Industry 4.0?
“Utilize technology to deliver next-gen outcomes and make your machines man independent” The introduction of industry 4.0 utilizes a disruptive technology along with automation. When it is combined with computers, they interact with each other to make decisions without the intervention of humans. Thus, IoT along with automation is advancing manufacturing industries all over the world to transform into Smart Factory. Hence, Industry 4.0 can be defined as the shift that allows machines to be interconnected digitally in a robust network for driving information amongst the users with the help of technologies such as IoT.
How is Industry 4.0 impacting the Manufacturing Industry all over the world?
“It is believed that only 13 percent of businesses realize the full capability of their digitalization initiatives that can lead to a reduction in business costs and create growth opportunities. Utilizing a judicial mix of distinctive technologies can enable larger organizations to make savings up to $16 billion.” Industry 4.0 has led to a paradigm shift in the manufacturing industry where it will be interesting to see them compete with each other. It offers manufacturers with the scope to innovate and earn revenue rapidly. It is not only limited to the use of a combination of technologies but, it has transformed the basic equation behind manufacturing methods. Customers are always on the lookout for quality goods and services at the best prices. They also want the delivery to be made on time, and the Stock Keeping Unit (SKU) may also vary largely. However, prior to the advent of industry 4.0, it used to be a challenge for manufacturers to fulfill the delivery without compromising on any of the aforementioned factors. Industry 4.0 has brought about smart manufacturing solutions into the manufacturing domain. It enables manufacturers to deliver goods in full alignment with the customer’s expectations.
The benefits of the industrial revolution 4.0 can be broadly categorized as follows:
1 Increased Productivity
By amalgamating IoT with factory automation, the quality, quantity, as well as the time of production, improves. Decision making becomes relatively rapid enhancing the efficiency of the process as well as people.
2 Greater Precision
With customers likely to give order with varying SKUs, the industrial revolution enables products to be manufactured with greater precision. Smart manufacturing solutions allow products to be manufactured expeditiously with appropriate specifications.
3 Driving Innovation
The automation in industry 4.0 utilizes the Industrial Internet of Things to define the parameters of the products in accordance with the varying demands of the end-user. Intelligent inputs allow manufacturers with the scope to innovate and experiment with the products and gain a better understanding of product design.
4 Improved Customer Service
The extensive amount of data and process-based information available from the use of industry 4.0 technologies act as a foundation for solving manufacturing related concerns and serve the customers with glitch-free products.
5 Reduced Costs
At the outset, implementing industry 4.0 technologies can indeed be a hefty investment. However, once the process adapts to the intelligence, the cost automatically gets accommodated for. Reduction in quality rejections, material wastage, allows businesses to save a huge sum of money.
Adapting to industry 4.0 can lead organizations to drive next – level profits. The decentralized decision- making technology will give them a competitive edge in the market. Manufacturers will be able to govern the production processes based on the real-time information generated from the technology.