Industry 4.0 has become a buzz word that is hard to ignore in the manufacturing industry. It seems to consume webinar topics and headlines for popular magazines. When you type “Industry 4.0” into the Google search bar the results might seem a little daunting. Upon some investigation, your search results might bring up phrases like “Cyber-Physical Systems” and “Cloud Computing”. While the sheer amount of information and the language used to explain this trend is slightly overwhelming, it doesn’t mean that your implementation of Industry 4.0 needs to be.
Here are the 4 things you REALLY need to know about Industry 4.0:
What is it?
Forget all the complicated lingo. The Industry 4.0 concept is all about using the latest technology to help automate your processes.
The Internet of Things is Important
The “Internet of Things” is the ability for your machines to be connected to each other via sensors that feed information from one machine to another. This connection allows for quicker and more efficient job production.
It Can Come With Challenges
Just like with any other new process at work, there are some challenges that need to be recognized. The first most obvious hurdle is the cost. If you don’t currently have the updated machinery needed to run this updated process you will need to invest. However, once the investment is made, it has the potential to save you a massive amount of money in the future (see point #4). A second concern is IT security. With all new technology comes loop holes. It will be important that your company has an IT professional who can help protect your data.
It’s Worth More Than You Think
In January 2015, a study released by Accenture reported that an industrial-scale version of the Internet of Things / Industry 4.0, could add about $14.2 trillion (around £9.54 trillion) to the world economy over the next 15 years.
So now what? Do these terms excite you or leave you totally confused? It’s okay either way. The important part is that you are staying informed on industry trends. SigmaNEST would like to help you keep up with these trends and provide you with attainable steps to reach your goals. Get started today.