In the past few decades, the use of new digital industrial technology has emerged giving rise to the term Industry 4.0. One may find it too complex or confusing but it’s not hard to understand. Industry 4.0, also called manufacturing 4.0, is the combination of IT and manufacturing operations – the maturation of digital technology in the manufacturing industry. These technologies include advanced robotics and artificial intelligence; cloud computing; the Internet of Things; Remote Monitoring that has revolutionized the manufacturing industry. These sophisticated technologies, new ways of human-machine interaction bring together the best of both worlds – the physical and virtual worlds to modernize manufacturing and boost western industrial competitiveness.
Considering the fact that the technological infrastructure is still in its early stages of development. But it is already transforming manufacturing. By integrating automation and ensuring process optimization, Industry 4.0 aims at improving manufacturing and production activities. It also let manufacturers to collect, analyze, and act on immense stockpiles of data with the help of highly efficient, automated robotics. These technologies also have a huge role to play in transforming the manufacturing landscape with enhanced automation and smart M2M (machine-to-machine) and M2H (machine-to-human) communication. Manufacturing companies have begun to forge partnerships with specialists in areas such as analytics or other technology companies to tap upcoming market opportunities. The governing principles of Interoperability, Virtualization, and Decentralization can help create manufacturing systems that are interconnected and communicate seamlessly with each other.
There are ‘n’ number of benefits associated with it, let us deeply understand how Industry 4.0 is revolutionizing the manufacturing sector;
- Industry 4.0 technologies not only enable safer conditions for workers but also enhances labor productivity and effectiveness
- It can help manufacturing companies in driving transparency and agility across business operations
- It allows the manufacturing industry players to create a responsive supply chain, which enables the manufacturers to reach out to the end consumers directly
- With the help of it, cost can be minimized & thereby maximizes revenue for the industry
- Beyond labor productivity and safety, it improves employee morale, reduces training costs, and lowers employee attrition levels in the manufacturing sector
While considering these benefits a company implementing or thinking to implement Industry 4.0 practices can face several challenges. The manufacturing companies need to directly collaborate with vast amounts of data in order to integrate Industry 4.0 with the existing processes. Not all the manufacturing companies has the potential to adopt a data-driven and technology-based approach as they lack the required infrastructural capabilities. In addition to this, there are several other roadblocks that hinder the successful adoption of Industry 4.0 among the manufacturing companies, these are dearth of skilled human resources, an abundance of strict regulatory frameworks, and high investments. The companies who overcome these challenges will gain the first mover advantage in the manufacturing sector and gain a strong foothold in the market.
In conclusion, I can say let us be prepared for the huge opportunity coming along with it, the responsibility to meet new demand, some that would never heard in the sector.
