Industry 4.0 – is it really the next big thing? If so, are you ready?
Industry 4.0 is about combining the physical world of products and manufacturing machines with the digital world of rapid communication, advanced data analytics and artificial intelligence. That has the potential to do all sorts of good things for manufacturers, like improving the accuracy of their demand forecasts, the flexibility of their production systems and the reliability of their assets.
The building blocks for your industry 4.0 solutions are as likely to come from a new start-up or an adjacent industry as they are from the equipment suppliers you used in the past. The systems that can identify hidden trends in mountains of production data are often based on the approaches retailers use to learn from loyalty card data or online purchasing habits, for example. SME’s with the know-how are well placed to deliver these advancements to industry and implement upgrades to Industry 4.0 connectivity without the need for complete re-engineering.
And while technology is an essential enabler, it isn’t the whole solution. There are also important cultural implications: your people will have to be comfortable switching from manual to automated processes, and ready to trust the decisions made by their data systems. And you’ll need to be bold: taking risks and experimenting with new ideas to gain vital know how and valuable experience.
We are already applying these technologies to solve challenging problems for customers operating in diverse industries, from the energy (power generation) sector to the automotive industry.
Are you interested in demonstrating real business value from Industry 4.0 in your organisation? For more information about the points discussed in this blog get in touch with our Capula Futures team.