As businesses move past the new normal into the current economic downturn, executives are relying on Industry 4.0 solutions to enhance their competitive advantages.
According to McKinsey, Industry 4.0 consists of four foundational technologies applied along the value chain.
These are:
– Connectivity, data, and computation power – help create a “smart factory” that can improve communication and coordination.
– Automation or human-machine interaction – helps increase production while reducing the need for human labor.
– Analytics and intelligence – help improve decision-making in manufacturing operations.
– Advanced engineering – technologies like 3D printing, renewable energy, and nanoparticles help conceptualize and advance new business models.
These digital technologies help boost operational continuity and employee safety. They also improve asset utilization as well as productivity and quality management.
How are you embracing industry 4.0 in your manufacturing firm?
