Why Industry 4.0 Will Be Important in 2020

by Debra Garls

Industry 4.0 is the name given to the new phase in the Industrial Revolution to encompass automation, machine learning, interconnectivity, and real-time data. Though the term has been around since 2011, the solutions – IoT, predictive technology, cloud solutions, and the digital factory – will be more critical in 2020 than ever.

tablet-300x239 Why Industry 4.0 Will Be Important in 2020

The Impact of IoT

Internet of Things (IoT) refers to the interconnectivity of devices so that data can be collected and shared. The innovative solution, IoT, evolves the production chain, and transforms business processes – especially in the manufacturing sector. For example, according to a TATA Consultancy Survey, manufacturing IoT devices are projected to swell to 923 million in 2020. That is a hefty increase from the 237 million that was reported in 2015, but it is understandable because of the benefits IoT provides. When surveyed, about 70% of manufacturers credit IoT with increasing their profitability. Therefore, IoT has become the vehicle of choice for Industry 4.0 and is increasing profits for those that use it.

>> See also: Paperless Production: The Digital Factory for SAP Production

Magnifying-Glass Why Industry 4.0 Will Be Important in 2020

Predictive Technology Saves Money

According to Hitachi Solutions, 98% of organizations say a single hour of downtime costs $100,000. Therefore, making sure that equipment is functioning at the highest optimal level is a key priority for any company.

As innovations in technology are made, there is a rise in more effective and advanced ways to monitor equipment. Predictive Maintenance is one of these advancements. With Predictive Maintenance solutions, equipment breakdowns can be prevented, saving companies money, valuable time, and resources. It allows companies to have a better understanding of how their systems and processes work with the help of collected data from the equipment. Therefore, by utilizing Predictive Maintenance, unexpected downtime is avoided, and money is saved.

>> See also: What is SAP Plant Maintenance & Why is It Important?

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The Cloud is a Solution for Everyone

Cloud software products are a critical enabler of Industry 4.0 because cloud solutions bring scalability, speed, and accuracy to business operations. In addition, advancements in cloud applications have made it possible to analyze the large amount of data collected. However, in the past, the price of cloud products used to be staggering, but luckily now, the cost of cloud applications is dramatically dropping. So, both small to large businesses can afford it – and put their data to work.

>> See also: SEAL Systems’ International Meeting Showcased the Importance of Innovative Solutions

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The Digital Factory is Here

As technology evolves and requirements become more complex, innovative methods are required to address how businesses operate when creating products and goods. Digital Factory applications are transformative solutions because they alter the procedures and functions of manufacturers and their workforce. Digital Factory applications bring a plant online and make the following possible:

  • Data collection on machines show real-time progress
  • Complex document packages are automatically assembled
  • All steps are digitally traced
  • With the Digital Factory, errors are reduced, security is enhanced, and regulatory compliance is upheld.
  • Bring your plant floor into Industry 4.0 with the Digital Factory.

>> See also: What is a Digital Factory and How Does it Make a Difference?

 

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