The move with Industry 4.0 is not targeting the machine to work faster and smarter but become efficient in providing customized products for the customer to have a better hold among the customer for their better preferences.
The key feature is the shift from mass production to the customization of the mass products. The process resulted in the on-demand production and the inventory was better handled and effective with the reduction in the piling up or stocking with mass products. Even though the goal of the manufacturers was less concerned to drive down the unit costs for producing at a larger amount, the focus is moved to realize efficiency more with optimizing and standardizing the capital and physical assets. The trend of standardization of personal products in a personalized way helping the customers for an increase in the premium which has been estimated to be higher to an around 20%.
One of the crucial things in Industry 4.0 is the impact on mass customization which not only brought a shift among the customer and buyer relationship but also promised to improve the relationship for the customers related to product purchasing, creating a positive effect and acceptance from the customers. The companies are focusing on developing a better relationship with the customers and an opportunity to enhance the product’s capabilities and provide a much better solution for the customers.