Embracing Industry 4.0 and Rediscovering Growth
The rise of new digital industrial technology, known as Industry 4.0, is a transformation that makes it possible to gather and analyze data across machines, enabling faster, more flexible, and more efficient processes to produce higher-quality goods at reduced costs. This manufacturing revolution will increase productivity, shift economics, foster industrial growth, and modify the profile of the workforce ultimately changing the competitiveness of companies and regions.
Nine Technologies Transforming Industrial Production
Advanced digital technology is already used in manufacturing, but with Industry 4.0, it will transform production. It will lead to greater efficiencies and change traditional production relationships among suppliers, producers, and customers—as well as between human and machine. Nine technology trends form the building blocks of Industry 4.0.
BIG DATA AND ANALYTICS
HORIZONTAL AND VERTICAL SYSTEM INTEGRATION
THE INDUSTRIAL INTERNET OF THINGS
Companies face formidable challenges in the adoption of these new technologies. To build and sustain a lead in the race to full implementation, they need to broaden and deepen their practical knowledge about digital technologies and the related use cases and then develop and implement tailored digital manufacturing strategies.