Is Industry 4.0 the Next Big Thing?

We’re in the midst of a significant transformation regarding the way we produce products thanks to the digitization and automation of manufacturing. This compelling transition is called Industry 4.0 – which is a representation of the fourth revolution that has occurred in manufacturing. Like the three industrial revolutions which preceded it – steam power, mass production/electricity, digital age – Industry 4.0 will transform local and global economies and create a new future for us all.

Industry 4.0 is making it easier for companies to collaborate and share data among customers, manufacturers, suppliers and other parties in supply chain. It improves productivity and competitiveness, enables the transition to a digital economy, and provides opportunities to achieve economic growth and sustainability

Improved Productivity & Efficiency

With the advancement of technologies we now can produce more and faster while allocating our resources more cost-effectively and efficiently.

Production lines will experience less downtime because of enhanced machine monitoring and automated/semi-automated decision-making. In fact, general OEE(Overall Equipment Effectiveness) will improve as the facility moves closer to becoming an Industry 4.0 Automated Factory.

Increased Collaborative Working among workspace

For centuries traditional manufacturing plants operate in silos. Individual facilities are silos as are individual machines within a facility. This ultimately results in minimal collaboration or knowledge sharing.

Industry 4.0 technologies allow production lines, business processes, and departments to communicate regardless of location, time zone, platform, or any other factor. This enables, for example, knowledge learned by a sensor on a machine in one plant to be disseminated throughout your organisation.

Flexibility And Agility

The benefits of Industry 4.0 also include enhanced flexibility and agility. For example, it is easier to scale production up or down in a Smart Factory. It is also easier to introduce new products to the production line as well as creating opportunities for one-off manufacturing runs, high-mix manufacturing, and more.

Reducing Cost

Becoming an Automated Factory does not happen overnight, and it won’t happen on its own. To achieve it, you need to invest, so there are upfront costs. However, the cost of manufacturing at your facilities will dramatically fall as a result of Industry 4.0 technologies, i.e. automation, systems integration, data management, and more.

Primary drivers for these reduced costs include:

• Better use of resources

• Faster manufacturing

• Less machine and production line downtime

• Fewer quality issues with products

• Less resource, material, and product waste

• Lower overall operating costs

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Article Credits: Keith Moran