Benefits of Implementing Industry 4.0 in the Manufacturing Industry

Overview of Industry 4.0 in the Manufacturing Industry:

Industry 4.0 encompasses a promise of a new Industrial Revolution i.e. it represents the ways in which smart, connected technology would become embedded within organizations. Industry 4.0 in manufacturing industry is marked by the materialization of various capabilities such as Artificial Intelligence and Cognitive Technologies, Robotics, Analytics, Nanotechnology, Quantum Computing, Wearables, the Internet of Things, Additive Manufacturing, and advanced materials.
 
The 4th Industrial Revolution is transforming existing technologies and capabilities in the manufacturing industry.

Besides, it is an amalgamation of traditional manufacturing practices, sophisticated technology, and real-time visibility of the complete value chain. It allows taking better decisions and recalibration, which will eventually lead to greater efficiency and productivity.

Industry 4.0 is ushering rapidly in a digital reality helping manufacturing companies to achieve operational excellence and to continually improve the consumer/partner experience.

Implementing industry 4.0 in manufacturing industry involves the adoption of advanced technologies as it is all about the ways in which those technologies are brought together, and how organizations can harness them to drive operations and growth.

"When everything is connected to everything else, manufacturing will have a very different face."

Industry 4.0 or  the Industrial Internet of Things (IIoT) has the power to drive true quantifiable change in the manufacturing industry.

Key Takeaways

Global Industry 4.0 Market: Outlook

According to Zion Market Research, global industry 4.0 market was valued at around USD 66.10 billion in 2017 and is expected to reach approximately USD 155.30 billion by 2024, growing at a CAGR of slightly above 14.9% between 2018 and 2024.

Substantial growth is expected to register in the near future as Industry 4.0 holds a lot of potentials, integrated systems which consist of an automation tool, robotic control, and big data analytics. Industry 4.0 also consists of a physical cyber system, cloud computing, and the internet of things.

The global market of Industry 4.0 is anticipated to be exponentially high as it(4.0) is the heart of the digital transformation that creates value for the insights generated through connected assets.

In order to create smarter factories and improve the production efficiency and quality of the product, various key players in the manufacturing industry are employing IoT and industry 4.0 concepts.

Industry 4.0 in the Manufacturing Industry - Implementation Checklist

As the complete manufacturing ecosystem is undergoing a phenomenal shift with technological advancements happening at a speedy pace, the need to understand and adopt the advanced manufacturing implementation techniques is the need of the hour.

Timely adoption of upcoming trends and advancements are the key to success in this ever changing and competitive environment.

Here is the implementation checklist of industry 4.0 in the manufacturing industry:

Readiness: Industry 4.0 in Manufacturing Industry

Assessing the industry 4.0 readiness plays a pivotal role as manufacturing sector is facing substantial challenges currently. These challenges are in regard to concepts such as the IoT, cyber-physical systems or cloud-based manufacturing.

Subsequently, augmenting complexity creates uncertainty about respective organisational and technological capabilities, adequate strategies to develop them.

A Foundation for mechanical engineering, plant engineering, and information technology of German Engineering Federation (VDMA) has coined a six-dimensional model to assess the readiness of the manufacturing companies.

Benefits of Implementing Industry 4.0 in Manufacturing Industry

Manufacturers can revolutionize their work using Industry 4.0 as it contains ample benefits. The major goal of Industry 4.0 is to make manufacturing and related industries more efficient, faster, and more customer-centric besides going beyond optimization and automation and identify new business opportunities and models.

Also Read: The Future of Manufacturing: Embracing Industry 4.0 and Smart Factories

Key benefits of implementing Industry 4.0 in manufacturing industry are:

•     Usage of IoT in manufacturing
•     Information-powered ecosystems of value
•     Maximised productivity through automation and optimization
•     Better quality products: Real-time monitoring, IoT-enabled quality improvement, and Cobots
•     Improved working conditions and sustainability
•     Enhanced Agility
•     Real-time data for a real-time supply chain in a real-time economy
•     Personalization and customization for the ‘new’ consumer
•     Higher business continuity through advanced maintenance and monitoring possibilities
•     The development of innovative capabilities and new revenue models

Bottom-line:

By 2023, the competitive advantage of manufacturing companies will be driven primarily by the implementation of industry 4.0. The fourth industrial revolution will allow for new ways to market products and it will transform the way the organizations work.