Innovation has brought important things to the industry over the years. In 1765, the first industrial revolution began when the use of coal and steam engines became popular, allowing goods to be transported by rail.
In 1870, the second industrial revolution took place with the introduction of electricity, gas and oil. Internal combustion engineering was developed and used in many areas and major inventions were the telephone, the automobile and the aeroplane. Steel and chemical industries also played an important role in this change.
The third industrial revolution began in the late 1950s and brought nuclear power, electronics, telecommunications and computers. We have explored space, advanced research and made great progress in biotechnology. Automation played an important role in this change with the introduction of robots and programmable logic controllers (PLC).
The business value of Industry 4.0
Industry 4.0 can transform the industrial sector with its new technology and increased data. The following is a breakdown of some of the major benefits that can be achieved by using Industry 4.0 capabilities.
1. Great productivity
With the implementation of Industry 4.0 technology, companies use information from sensors and other digital devices to identify process bottlenecks and make changes to the production line to optimize production. Machines can trigger demand signals and mobile robots can deliver necessary items to workstations. Defects can be detected by using intelligence during the production process to fix them before they become bigger problems. All these things help to make production faster and more efficient.
2. Greater ability to compete
Many innovations of Industry 4.0 allow companies to improve processes, provide more control, and get faster business intelligence – all that can help companies quickly adapt to market changes. By leveraging innovation, you can compete more easily and flexibly to capture new opportunities, manage increased demand, and improve customer satisfaction.
3. Improve growth and revenue
With Industry 4.0 technology, companies can generate revenue by creating new products with digital capabilities to enhance their existing product lines. Digital services and complete digital solutions will help drive growth. And, with all the added research of industry 4.0, it will be easier to plan and organize products that will provide a higher margin than the ones that have been released.
Using Big Data also provides insight into the most important areas of the business to focus on and have the greatest impact on revenue. A good assessment helps managers see areas where costs can be reduced and productivity can be improved to bring in revenue and growth.
4. Improve your relationship with customers
By using Industry 4.0 technology, companies can create digital products and services. These then meet better delivery times, create custom products more easily, and provide better customer support, all of which help improve relationships.
Industry 4.0 provides more information about what customers want so that companies can create better products to meet those needs. Cost reductions through greater automation and better visibility allow those savings to be passed on to customers. And better supply chain management results in fewer manufacturing defects for greater customer satisfaction.