Industry 4.0 has received a lot of media attention in recent years, but the concept remains abstract for many entrepreneurs. Beyond the buzz, Industry 4.0 has the potential to significantly boost your productivity, reduce costs and improve the quality of your products.
“The core application of Industry 4.0 is to monitor and control your machinery and equipment in real time by putting sensors at every step of the production process,” says Pierre Cléroux, Vice President, Research, and Chief Economist at BDC.
In factories, robotics and digitalization work together very well, but they are not the same thing.
Robots are very good at doing repetitive precision work. Industry 4.0 technologies collect data about processes and can, for example, connect robots together or with other parts of the production process.
“We often hear in the media that we’ll all be replaced by robots in five years,” says Cléroux. “That’s not going to happen. But the technology is advancing step by step. Canadian businesses still have time to adjust, but they shouldn’t wait too long if they don’t want to be left out.”
Industry 4.0 is the latest evolution of manufacturing. Over the past 250 years, several industrial revolutions transformed how manufacturers produce goods.
Like the mechanization, electrification, automation and globalization revolutions that preceded it, this “Fourth Industrial Revolution” promises to have a remarkable impact on how we make and sell goods.
Mass production based on the assembly line
Automation based on electronics and computers
Offshoring of production to low-cost economies based on lower communication and containerization costs
Introduction of digital technologies
Recent developments in technology have made digital technologies more affordable, user-friendly and robust than ever before. This has made it easier and cheaper for businesses of all sizes to invest in the technology.
Meanwhile, results from several studies are showing that the productivity gains brought on by Industry 4.0 technologies will eventually create such an advantage that businesses will find it hard to compete if they are not using it.
There’s a wide variety of Industry 4.0 applications that range in costs and complexity. The following are some of the common Industry 4.0 applications you could implement in your business:
Contact Musato Technologies today to learn more about our ICT services designed purposely to boost your business productivity, efficiency, and profitability.