To maximize value, technology must always be applied in tandem with effective, well designed processes. Under Industry 4.0, the concept of process improvements has expanded to focus on the integration of processes within a firm’s Operations, Supply Chain, and Product Lifecycle.
New digital technologies, such as computing, machine learning, and the Internet of Things (IoT) are facilitating the integration of physical assess and equipment with enterprise systems enable the constant and dynamic exchange and analysis of data.
To remain relevant in the face of increasing competition under Industry 4.0, companies must adapt their organizational structures and processes to allow their workforce to keep pace. The necessary enhancements must be made to people, represented by Talent Readiness, and the company, represented by Structure & Management, before a company can implement Industry 4.0 strategies effectively.
The sequence of stages that a product goes through, from its initial conceptualization to its eventual removal from the market.
The planning & management of raw materials & inventory of a company’s goods & services, from the point of origin to the point of consumption.
The planning and execution of processes which lead to the production of goods & services.
The application of technology to monitor, control, & execute the production & delivery of products & services.
The processing & analysis of data collected, to diagnose problems & identify opportunities for improvement.
The state of inter-connectedness between equipment, machines, & computer-based systems to enable communication & data exchange across assets.
Strong leadership, supported by a clear strategy & governance framework, will enable firms to be more flexible, collaborative, & empowered to design & implement Industry 4.0 strategies effectively.
The ability of the workforce to drive and deliver Industry 4.0 initiatives.