Industry 4.0 is the confluence of technological trends that is driving efficacy, efficiency, and new paradigms across manufacturing and operations. Today, these technologies have become the building blocks of businesses that seek to survive and thrive in the new normal. Ostensibly, Industry 4.0 is set to change the overall industrial landscape in fundamental ways: Business environments today are more decentralized, virtual, and interchangeable with an emphasis on seamless connectivity and modularity.
Advances in AI/ML, cloud computing, block chain, the internet of things (IoT), the blockchain, 5G, and 3D printing are technologies that are changing the business blueprint for many organization’s today. It is how these technologies will work together in the work environment to unlock the true potential of a business is critical. So, how is Industry 4.0 going to work for you? Based on insights from Forbes, let’s delve deeper into the key facets of the ongoing industrial revolution.
New dimensions for business
A recent global benchmarking report by KPMG revealed that many businesses find themselves stuck because technology is only part of the equation for industry 4.0. It’s Industry 4.0’s ability to blend two distinct domains that makes it exciting: Bringing operations and engineering together in a seamless fashion to enable new synergies and possibilities. For any business to leverage industry 4.0 effectively, data analysis is critical. With the right infrastructure for data analysis, businesses can identify bottlenecks and find out areas where the right technology will have the biggest impact. Key decision-makers would have to garner insights from major stakeholders, operations, and logistics to find out specific need-gaps and then leverage industry 4.0 effectively. Right now, it is imperative to strike a balance between technological investments and business needs. Strategic investments that emphasize on innovative will be critical or a company may stand to lose its competitive edge.
Areas for automation
Increased decentralization of work forces, a lack of 360-degree process visibility, and operational inconsistencies are some of the challenges that businesses today are dealing with. Which is why having access to real-time data and using technology for better operational visibility is a god-send. Today, business leaders are better equipped to garner insights about how they can make various technologies work and the connectivity solutions that their business needs.
According to this article, companies can unlock significant business value by streamlining and standardizing their processes. To increase efficiency and maximize profits, businesses can leverage automation to renovate their business processes. Automation can also allow companies to get a better understanding of their process need-gaps.
Get flexible, agile, and lean
Businesses today imbibe a phased, flexible, and interactive approach towards planning. Long-term business plans have been replaced with a long-term vision with a flexible roadmap. An integrated approach towards strategy, innovation, and leadership is being embraced by many businesses. It is not sufficient for a business to merely have technologies that enable flexibility and agility. The people in it too must be agile and responsive to market and business disruptions. This is easier said than done when it comes to a large enterprise. However, Toyota’s distributed leadership approach describes how even large enterprises can be more agile with their leadership.
Organizations today are wading through tumultuous times. It is akin to be tossed out on a dark and cold winter night amidst the tempestuous ocean. Unforgiving global markets, technological disruptions, and an unpredictable competition have thrown long-term business goals into a tizzy. To establish an effective strategy in this maelstrom would require the right technological mix and the participation of all key stakeholders. Which is why, the emphasis today must be on true agility with industry 4.0 technologies where capabilities are built to tackle any business or market scenario.