Digital Transformation Trends Driving Industry 4.0 Revolution
The industry is one of the most important cogs on the wheel of any economy. The First Industrial Revolution saw the advent of mechanization in industry. The 2nd and the 3rd Industrial Revolution were marked by the introduction of electrical energy into the industry, along with the subsequent introduction of electronics and automation.
Today’s economy, driven by the prevailing economic, political, social and technological changes is widely regarded to be in the middle of the Fourth Industrial Revolution, also known by the name of Industry 4.0. This important period is given the credit for bringing in a whole new array of digital transformations into every known sphere of existing businesses or the industries as a whole.
Here, we will discuss a few digital transformation trends that have become important driving forces towards the industry 4.0 revolution.
Industry 4.0 has been synonymous with the amalgamation of traditional manufacturing practices with the technological advances this world has been witnessing of late. As a result, industries have undergone a complete revolution, thanks to the induction of technological boons such as machine learning, advanced analytics, cloud computing, IoT and advanced human-machine interfaces. The manufacturing sector has also witnessed welcome differences and the use of technology allowed it to apply reliable and cost-effective practices in their operations. Thanks to the industry 4.0 revolution, manufacturers have realized the importance of digitization, to avoid becoming obsolete and irrelevant in the future. Four major digital transformation trends the manufacturing and other industries are witnessing are as follows:
Empowerment of their employees
Advancement of technology in industry 4.0 has empowered the employees with direct access to all the required information, as and when they wish. New tools and collaboration platforms have made access to information possible ‘round the clock’ and this has also made remote working a possibility, which was almost non-existent in earlier times.
Technological enhancements such as CRM, Customer Experience Mapping and ERP, employees are now able to visualize the entire supply chain and this has given them the power to make important decisions related to assembly line, products, and marketing strategies. Needless to say that businesses are also benefitted from such visibility and streamlined process of decision making.
Well connected customers looking for customized experiences
Those days are long gone where one single product was manufactured for thousands of customers. These days, thanks to social networks, the connection and interaction of customers with the industry have increased by manifolds. Now customers are looking for customized options to address their unique needs. Manufacturers are left with no options but to acknowledge this changing preference of customers looking to customize their products to cater to the needs of the customers. Customization of products has also become more efficient and cost-effective for the manufacturers than ever before, thanks to improved technologies employed in the processes of mass customization. Now, manufacturers are delivering products to customers at almost an individual level and no wonder why customers are smiling.
Highly transformed products
The evolution and application of IoT and machine learning are important features of the industrial revolution 4.0. It has allowed the manufacturers to use analytics extensively to predict maintenance needs and avoid operational failures to a great extent. Testing of products has been made possible even before they are handed over to the assembly line. As a result, they have been able to save millions of dollars and to add improvements to their products. The increase in operational performance has also increased productivity. The application of AR and VR has changed the way the products are designed these days.
The mindset and preference of the consumers towards products are changing all the time. Naturally, the demands for the products are also changing dynamically and the manufactures should be able to adjust accordingly.
Thanks to the advancement of technology, making quick changes in production and adjusting to changing demands has become a reality for the manufacturers these days. Now, they can access suitable insights from their assembly line in real-time and make informed decisions regarding inventory lacking, waste minimization and equipment maintenance.
Many businesses, including the manufacturers, have realized the importance of digital transformation for success. They have acknowledged the fact that embracing industry 4.0 is easily the most important way to make their mark in the industry in the days to come. The trends we discussed above are only a few trends that drive this revolution called industry 4.0. We will surely witness many more such trends in the future. But, as of now, companies would do well to ensure their readiness for complete digitization and march towards the inevitable success.