Market volatility being a critical factor, manufacturers must discount this risk when it comes to putting up with new technologies.
By adopting today’s cutting-edge capabilities, it’s reasonable to envision “one world”, where everything will be shared on a single platform for all, be it the customers, designers, and operators, right from initial concepts, to installation, to performance feedback throughout the lifecycle.
One such technology is Internet of Things (IoT). This means expanding the power of the Web to link humans, computers, machines and sensors to achieve higher levels of information collection, processing, analysis and monitoring. The idea of a connected factory has been evolving for the past few years because smart devices and connected sensors are escalating in plants as well.
But for industrial manufacturing companies, the next gen IoT technology should go well beyond the realms of real-time monitoring to information sharing platforms that leverage on advanced analytics and data for delivering higher-quality, more robust, and more reliable products.
With Such an Epic Transition Driven By Technology, Rethinking Is Vital
This is Industry 4.0 or the Fourth Industrial Revolution as it is being called, is revolutionizing manufacturing as regards to integrated computing, networking, and physical processes.
In order to reap full benefits of Industry 4.0, the time is ripe for a holistic revamp of the manufacturing sector, while proactively managing the challenges and disruptions created by this epic transition.
The Need For Change
Innovation and new opportunities are the keywords associated with Industry 4.0. So much so, that some companies are already leveraging the benefits offered by embracing Industry 4.0 approach i.e. the Industrial Internet of Things, robots, big data and analytics, augmented reality, 3D printing, simulation, vertical and horizontal system integration, the Cloud, and cyber security.
Industry 4.0 takes these developments to the next higher level by ensuring that every step of the process, right from raw material to end-user is connected via multiple devices and machines. Hence, there is an exemplary level of integration between the information system, communication system, and manufacturing systems.
Performance, With Appropriate Paraphernalia
By bringing together the most cutting-edge Industry 4.0 technologies with Enterprise Resource Planning (ERP), it can favorably impact investments to strengthen the economy.
ERP system can significantly improve the manufacturing sector’s productivity. Use of ERP system should not come across as a tool for automation of the transaction system, rather as an improvement of the business process.
ERP system basically is packaged business software system that allows automation and integration of majority of a company’s business processes, along with sharing of common data and practices across the enterprise.
Time To Take Firm Action Now
Companies need to carefully understand Industry 4.0, its repercussions for their businesses and be ready to espouse and leverage the technologies to their advantage. To have a substantial impact, long-term investment is required from the companies to build up the necessary capabilities for applying these technologies in their businesses and developing new applications that are relevant to their customers and profitable as well.
While it may take some time to reach fruition, the time to leapfrog to the forefront has begun.