In the late 19th century, the industrial revolution transformed the world and brought a wave of innovation and urbanization. Industries that once used hands and manual tools to produce goods increasingly began using machines powered by electricity. This change also resulted in the introduction of new manufacturing processes, some of which we still use to this day. The third industrial revolution paved the way for increased efficiency through automation using electronics and information technology. Thanks to advancements in information technology, the world is experiencing yet another industrial revolution – popularly referred to as ‘Industry 4.0’ or ‘IIoT.
What is industry 4.0?
Industry 4.0 symbolizes a new stage in the organization and control of the industrial value chain through digital transformation. Among the digital technologies powering Industry 4.0 are cyber-physical systems, the Internet of Things, cloud computing, and cognitive computing. The most significant difference between Industry 4.0 and the previous industrial revolutions is the use of machines and control systems that seamlessly communicate with each other digitally.
Industry 4.0 Technologies
More in-depth automation and the bridging of the physical and digital world are the principal characteristics of Industry 4.0. Let’s take a quick look at some technologies that are transforming the manufacturing value chain:
- The industrial internet of things (IIoT)
- Big data & Analytics
- Cyber-physical systems (CPS)
- Additive Manufacturing
- Augmented reality
- Robotics tools and autonomous robots
- Cloud computing & Cybersecurity
- Cognitive computing
- AI & Machine learning
How is IIoT shaping the future of manufacturing?
According to forecasts by Markets and Markets, the Industry 4.0 market could grow from USD 71.7 billion in 2019 to USD 156.6 billion by 2024, at a 16.9% CAGR(Compound annual growth rate). Increasing adoption of the internet in manufacturing units around the world, growing focus on efficient machinery, and optimizing production costs play a significant role in the growth of the Industry 4.0 market. The resulting demand for industrial robotics could further fuel the growth of the Industry 4.0 market. There has been a differing degree of adoption of the fourth industrial revolution – from initial stages to fully-operational digital technologies to entirely automated smart factories. The highest adoption and future potential for Industry 4.0 are in innovation-driven industries, including automotive, tech, aerospace, and F&B industries, where digital adoption is already high. Sectors such as hi-tech, healthcare, life sciences, and energy may also experience improvements through IIoT. However, disruption in these industries may be quite minimal. Nevertheless, these industries are likely to undergo resource efficiency improvements with the implementation of industry 4.0.
How to prepare for IIoT?
Increase digital adoption and maximize efficiency
Considering that digital transformation is the basis of Industry 4.0, manufacturers must drive the digitization of current processes using smart manufacturing systems. Modern manufacturing software can help you digitize and optimize operations such as quality control, production planning, and execution.
Learning and development
Comprehensive learning and development initiatives are critical to ensure success in the Industry 4.0 transformation. A new-age training program that can adapt to the dynamic needs of Industry 4.0 will ensure that resources are aligned to meet Industry 4.0 standards.
“Revolutions bring disruptions and disruptions bring opportunities”-Nicky Verd.
The Benefits of Industry 4.0
While several manufacturing industries are still trying to figure out what Industry 4.0 implementation means to them, the benefits that Industry 4.0 promises to deliver are impossible to ignore. Some industries, on the other hand, have already made a head-start on their digital transformation journey. Let’s take a look at some of the benefits of implementing IIoT:
- Efficient business decision making.
- Higher productivity and improved efficiency through automation and optimization.
- Improved customer experience by offering better services & products.
- Higher revenue and profitability due to automation in production lines.
- Optimized and integrated production processes.
- Better quality products: Real-time monitoring, IoT-enabled quality improvement, and Cobots(collaborative robots).
- Increase the agility of manufacturing operations in real-time.
- Innovation opportunities due to knowledge sharing and collaboration
Conclusion
Industry 4.0 will bring sweeping changes to the manufacturing value chain. These changes will lead to further automation and optimization of several manufacturing processes and increased productivity. As a result, customers will enjoy better quality products while lowering production costs.
Taking steps to drive digital adoption and experimenting with novel technologies will ensure that your manufacturing business is aligned to reap the benefits of IIoT.
