Global Manufacturing is currently going through a technical revolution which has become known as “Industry 4.0”. There is an increasing focus on smart factories and intelligent manufacturing systems that have a greater integration between the physical and digital processes, thus creating “Cyber-Physical Systems”.
But, is industry 4.0 delivering on its promises? Despite investment, the industry is still seeing widespread issues, including:
- Outdated or unreachable technology
- Supply chain transparency and trust
- Unproductive centralised supply chains
- Non-conformance management
- Manufacturing process control
- Constrained capacity planning
- Lack of machine health monitoring
- Energy efficient use of assets
Although there are clearly advances for a manufacturing company that invests in Industry 4.0, research reveals that only 13% of the companies are getting the value that they believe they should. Combining the relevant technologies is key to success and could translate to a £1.2 billion saving for the sector.