Industrial IoT or Industry 4.0 is the new phase in the Industrial Revolution, and it focuses heavily on interconnectivity, automation, machine learning, and real-time data. It helps create a more holistic ecosystem for companies that focus on supply chain management. While every organization operates differently altogether, they tend to face a common challenge- the need to connect in real-time. This is precisely where Industry 4.0 and IOT comes into play.
Industry 4.0 is not only about investing in new technology- but to improve overall manufacturing efficiency. It focuses on revolutionizing the way your entire business operates and grows. Let’s dig in to get an in-depth overview of Industry 4.0 and IIoT and why it’s essential.
Introducing the Industrial IoT
There has been a digital revolution in manufacturing factories, especially related to adopting new digital tools for the company and business processes management. In the present times, we are participating in the convergence of real and virtual worlds. Moreover, the increasing possibility of employing modern technologies to collect enormous data is evolving the concept of business. Hence, we can witness the constant revolutions in the field of internet and technology.
The new concept of Industry 4.0 or IIoT gets its name because this is the 4th revolution in modern history.
Nevertheless, many use cases and IoT deployments offer a rapid return, enabling manufacturers to realize digital transformations from several perspectives. Even in this case, the innovation process is an essential aspect of manufacturing-oriented companies.
The real question arises here- how do you decide if industry 4.0 is right for you? Whether your business should invest in Industry 4.0 or IIoT?
Who is Industry 4.0 or IIoT right for?
We have prepared a checklist for you, including items that would tell you if it’s safe to start investing in Industry 4.0. If you can check off most of the items on this list, it’s highly likely for your business to begin allocating the resources needed for deployment.
a) You’re in an incredibly competitive industry with a lot of tech-savvy players.
b) You’re currently having a hard time recruiting to fill vacant jobs in your organization.
c) You want better visibility in your supply chain.
d) You want everyone in your team to be informed, updated, and relevant to your business processes.
e) You want more timely analytics.
f) You need help in making sense of information.
g) You want help to improve customer satisfaction and customer experience.
h) You want to enhance your product quality.
i) You want to have real-time insights to make faster and more efficient decisions.
j) You want a consistent view of production and business operations tailored to your organization’s specific areas or users.
Benefits Of Adopting the Industrial IoT or Industry 4.0
Here are some of the benefits Industry 4.0 offers for your business:
a) Makes Your Business All The More Competitive:
As the big players like Amazon continue to optimize supply chain management, you should invest in advanced technology to help you optimize operations.
b) Makes your Organization More Attractive To The Younger Workforce:
Companies that invest in modern and innovative Industry 4.0 technologies attract a new and younger workforce, because of the increasing growth and opportunities they offer.
c) Makes your entire team more collaborative:
Businesses investing in industry 4.0 solutions can increase efficiency, boost collaboration between departments, enable predictive analytics, and enable people to leverage real-time data. This eventually helps them make better decisions while managing their day-to-day responsibilities.
d)Helps you address potential issues:
Predictive analysis, real-time data, and internet-connected machinery contribute towards better proactivity. It can also solve likely maintenance and supply chain management issues.
e) Allows you to boost profits and trim costs:
Industry 4.0 or the Internet of Things helps you optimize all the different aspects of your manufacturing processes and supply chain. It gives you access to the real-time data you need to make smarter and faster decisions about your business.
All in all, you must consider some of the most common challenges before investing in Industry IoT solutions. You should know if your business data and customer information are safe with cloud-based technology. Also, you must have the resources and staff to implement and manage the technology. Contact us to know more about the Internet of Things solutions for your business.