Revamping Business Models with Industry 4.0

By StartUp City | Thursday, October 22, 2020

Industry 4.0 may seem confusing or intimidating to manufacturing professionals who are still getting habituated with what it entails. There is an abundance of technology available at the manufacturer's disposal. Still, the challenge lies in identifying which of these has the highest potential to revolutionize the way your business is conducted.

Fremont, CA: The Fourth Industrial Revolution and Industry 4.0 have brought about significant changes in the way manufacturers are producing goods. Digitalizing the business is becoming popular across all sectors of the market, and manufacturers are unraveling new, more cost-effective ways to source materials, run their production lines, serve customers, and analyze their results for continuous improvements. However, Industry 4.0 may seem confusing or intimidating to manufacturing professionals who are still getting habituated with what it entails. There is an abundance of technology available at the manufacturer's disposal. Still, the challenge lies in identifying which of these has the highest potential to revolutionize the way your business is conducted.

Here are three essential technologies that can help you leverage industry 4.0.

Artificial Intelligence

Artificial Intelligence(AI) helps to solve problems by identifying patterns in the given data set that may not be visible to the human eye. This is made possible by combining automation with machine learning to analyze staggering amounts of data. This helps spot unhealthy trends in machine downtime, identify periods of high scrap rates, and using these insights to make smarter and more profitable business decisions.

Additive Manufacturing

Even outside the manufacturing sector, additive manufacturing has been gaining traction by its other name, 3D printing. At the same time, manufacturers have just begun exploring all the potential applications of additive manufacturing. Some of them have applied machine learning to generative design to create alternative models for various parts. In contrast, others are mass-producing end-use products or even building prosthetics that are tailored to the needs of each patient.

Blockchain

For any business to generate profits, it is essential to maintain proper records for each equipment and processes, from the most massive machine to the smallest piece of paper. Traceability, although it may seem redundant, can prove to be useful when least expected. Blockchain can make this feature possible, in the form of a digital ledger, even amidst the frictional complex supply chain. Providing each supply chain stakeholder with a secure, central ledger for recording information about materials can enable blockchain to help manufacturers reach their goal of ultimate traceability.

Also see: Top Blockchain Solution Companies

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