Industry 4.0 is a reality in our day. With its extraordinary speed and scale, the Fourth Industrial Revolution enables you to approach operations with a stronger data-driven focus. This information, derived from your assets, is valuable and helps you make wiser choices. Your task will be to discover what counts – getting the correct insights at scale – when you connect more assets into business processes and emerging technologies like 5G and cloud technology. These findings may be crucial to operational resilience in the face of this extraordinary and challenging times. In this article we will talk about the Benefits of Industry 4.0, Key Requirements of Industry 4.0.
With markets opening up post pandemic and organizations gearing up to explore and expand markets, companies are becoming increasingly competitive. The competence to adapt new strategies for productivity improvement and increasing profitability is the only way to cope up with the changing environment of the economy. Thus, innovative solutions and sustainable methods are the current requirement which can foresee supply chain disruptions and planning issues. This is where Industry 4.0 becomes the basic necessity for every organization. It assists organizations to become flexible to customer demands and cultivate continual improvement processes to give a competitive advantage to their organization.
The following benefits of Industry 4.0 can make your organisation future ready.
Benefits of Industry 4.0
1. Improved machine uptime thereby increases machine utilization
2. Improved Manpower productivity
3. Controlled Inventory Management through Supply Chain Management
4. Increased innovation
5. Better quality products
6. Higher yield with artificial intelligence
7. Easier adaptation of operation processes
8. Enhanced workplace safety
9. Increased collaborative work environment
10. Flexible manufacturing systems
Faber Infinite, one of the finest management consulting organizations globally with their extensive experience of instilling Industry 4.0 has listed down 9 Pillars of which drives Industry 4.0. The Industry 4.0 Readiness Audit rolled out by Faber Infinite can make organizations resilient in operations, agile and sustainable in production, as well as self-reliant for innovation. The Prerequisites of Industry 4.0 to be focused on during the roll out process are:
Key Requirements of Industry 4.0
- Operational Data Analytics
- Virtual Manufacturing Facility
- Universal System Integration
- Industrial Internet of Things
- Self-Governing Equipment Systems
- Cloud Computing
- Cyber Security
- Augmented reality
- Additive Manufacturing
Organizations should prepare themselves for adopting the rapid changes. One of the most needed element to introduce Industry 4.0 is organization strategy with clear vision statement, open mind to change and empowering teams by appropriate training. Industry leaders must anticipate needs while planning to shift gears which includes allocation of budget and induce flexibility for planning future steps.
Faber Infinite has successfully rolled out Industry 4.0 Readiness Audit for esteemed clients to provide the insights on where they stand in their Industry 4.0 journey. Every futuristic organization has started large scale implementation of industry 4.0 with Faber Infinite where continual improvement played significant role in adoption of initiatives (company wide), system integration, empowered workforce and driving the demanding change.
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Written by Faber Aleena Thomas
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