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The main goal of Industry 4.0 is to enhance productivity, efficiency, flexibility, and customization in manufacturing and supply chain operations.
As per expert sources, the ways companies are preparing for the changes in Industry 4.0 are:
- New technology investments such as the Internet of Things (IoT), cloud computing analytics, artificial intelligence (AI), and machine learning (ML).
- More interest in investing in smart manufacturing plants and intelligent factories.
- Data-driven strategies are developed to leverage the insights from the collected data to analyse it by using new technologies for optimising processes, reducing costs, improving quality, and increasing customer satisfaction.
- New training programmes and learning initiatives are implemented to address the skill gaps and improve learning needs.
- Encouraging employees to come up with new ideas and share the best practises across the organisation.
- Existing technology is revamped with new and modern systems such as IoT sensors, AI, and ML to improve efficiency and productivity.
- Companies are enabled by greater customization and personalization of their products to meet mass customer needs.
- Sustainability efforts are also enhanced with data analytics for optimising energy usage, waste reduction, and minimising the environmental footprint.
- For rapid technological growth and changes, new technologies are needed to emerge for their agility and flexibility.