By constantly innovating and looking for ways to increase productivity and reduce costs, the manufacturing industry is an undisputed champion when it comes to embracing Digital Transformation initiatives. However, with supply chain issues around the world and an increased demand across many sectors, there is always work to be done when it comes to optimising digital strategy. In this blog, we look at why the changes being made in manufacturing are impacting beyond the sector and what technologies are leading the pack in Industry 4.0 when it comes to driving Digital Transformation.
What is Industry 4.0?
Industry 4.0 or ‘The Fourth Industrial Revolution’ refers to Digital Transformation in manufacturing, with significant improvements made in how goods are produced and delivered. This can include automation, cloud computing, artificial intelligence, big data, IoT, robotics and other technological trends. Optimising performance, increasing output and doing so at a cost-efficient rate has become key to Digital Transformation in manufacturing.
“The manufacturing industry is undergoing unprecedented transformation driven by technologies that help manufacturers to digitise their factories. The fourth industrial revolution can drive financial and operational impact while improving productivity and customer satisfaction.” – Dr. Jay Lee, Member, Manufacturing leadership Council Board of Governors
Why is it Important?
Along with the benefits of operational efficiency, reduced costs and data insights, Industry 4.0 plays a role on a much larger scale than within singular organisations. According to Ireland’s Industry 4.0 Strategy 2020-2025 report: “Industry 4.0 offers the potential for significant economic growth, with the EC estimating that digitalisation of manufacturing could add €110 billion per year to Europe’s industry base.”
Integrating technologies that are best aligned with business strategy has never been more important for the industry which has rapidly evolved over the past few years. Providing teams with the tools to interpret complex data and create actionable insights should be front and centre when it comes to embracing new technologies.
Creating a culture of change that can keep pace with industry changes can be challenging for many organisations, even those who are well into their Digital Transformation journeys. Harnessing an environment that embraces new technologies and encourages operational improvements has to be developed by leadership within all organisations. Businesses that are serious about Digital Transformation must look at their change management strategy and how they can work toward a streamlined and agile approach when it comes to Digital initiatives and seeing them through. Check out a previous blog to learn more about change management, here.
By establishing an environment that is receptive to change and has a willingness to drive Digital Transformation technologies, Industry 4.0 has the potential to elevate not only the manufacturing sector but support industries within its supply chain. With the pace of technological advancements moving rapidly, there is an expectation for the manufacturing industry to keep up with consumer demands at a pace we are now accustomed to.
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Looking to re-imagine your Digital Transformation initiatives or need some guidance on where to go with them next? Speak to a member of our Digital Transformation team today, by emailing email@example.com or view our services, here.