The term “Industry 4.0” refers to the combination of several major innovations in digital technology that are poised to transform organization. From advanced robotics and machine learning to software-as-a-service and the Industrial Internet of Things, these changes enable a powerful new way of re-organizing operations. The 4thIndustrial Revolution is the information-intensive evolution of manufacturing and other industries to cyber-physical systems in a connected environment of data, people, processes, services, systems and IoT-enabled industrial assets with the generation, leverage and utilization of actionable information as a way and means to realize smart industry and ecosystems of industrial innovation and collaboration. In an Industry 4.0 ready-facility humans and machines collaborate for optimized manufacturing system that is both vertically and horizontally integrated.
The companies in industrial manufacturing fabricate complex and highly engineered products with longer product cycle times and multiple levels of subassemblies in their bills of material, with difficult to automate processes. At Intueri, a team of experts discuss the ways to tackle main challenges faced by industrial manufactures for implementing Industry 4.0 and offer a practical approach to achieve operational excellence by addressing the factors that define their competitiveness.
In this paper, we look at: