The pace of technological change is both rapid and dynamic. It’s altering how we live, how we work and what’s possible for our organizations. Industry 4.0 technologies, commonly referred to as the fourth industrial revolution, make it possible to gather and analyze data across machines. While it can be daunting, if intelligently embraced and with the right partner to guide you through, these technologies can drive greater efficiency and overall success for your business. Progressive companies have already dedicated teams and resources to cultivate this change. Key valuation metrics should be refined and implemented in order to stay competitive.
The Internet of Things. So, what are industry 4.0 technologies? There’s lots to be explored under this umbrella term, and we’ll explore just a few here. Let’s start with IoT, or the Internet of Things. It’s complex but can be understood, at a high level, as an enormous network of connected devices and everyday objects embedded with electronics that talk to each other. This can range from sensors to switches to all types of mobile devices. Devices and our people develop a lineage of connectivity, it is this intelligent collaboration of information we are trying to achieve. Business leaders can then make strategic decisions that result in measurable efficiencies, cost reduction and an improved customer experience.
Big Data. Also considered one of industry 4.0 technologies; big data is having lots of data either directly or indirectly related to your business. But it’s more than just volume – it’s also the speed at which new data is coming in and the various forms of that it’s collected. To remain competitive, companies need to look beyond their traditional data sets to larger, more diverse groups of data that can define the path forward in terms of decision making, processes and much more.
Predictive Maintenance Technology. It is as it sounds, and it can do wonders for your operations. As any business leader knows, downtime can have a significant impact on the bottom line. Predictive maintenance, another technology which manufacturers are embracing, can help you reduce or even completely avoid equipment failures.
Finding a strategic partner. While 4.0 technologies can create opportunities for businesses never before realized, it is still considered in its incubation stage. We need to be practical when reviewing the value matrix and impact technology will have. Leaders should be mindful of a progressive approach to these concepts but calculated in creating synergy among partners.
August recognizes the impending changes and polarizing philosophies technology will have. As we turn your concepts to manufactured reality – we can create a sustainable vision that aligns to your goals. Talk to us today about Industry 4.0 and where your organization is headed.