From the first invention of wheels that allow us to move physically from one place to another, the world has continued to evolve and strive for new and innovative technologies in the name of a better and convenient world. Innovative technologies such as the Internet have brought us humongous changes in which our ancestors can hardly believe or foresee – and now, we don’t even need to rely on wheels to meet or communicate with each other.
Especially during these unfortunate times of the COVID-19 pandemic, technology had played the most important role in the continuation of operation in many countries, both economically and socially. Many companies and organizations relied on virtual meetings and communication platforms such as Zoom, Slack, Microsoft Teams and many others to keep track of employees’ performance and continue their business online. Other unfortunate companies who were unable to keep up with the changing demands and drastic economic threats caused by the pandemic, are then forced to end their entrepreneur dreams and find other alternatives to survive the economic crash. It’s clear that those who do not keep up with the changes and trends will ultimately fall short and be eliminated in any competitive industry. So what’s the trend now?
Industrial Revolution – Industry 4.0 Today!
“Industry 4.0. Industrial Internet of Things. Smart Production.”
Many names but one purpose – the integration of the digital and physical labor. First introduced in 2011 by the German government, it is a high-tech project that visualized the computerization of the manufacturing industry. Incorporating digital into the manufacturing process, the productivity of products would become more energy-efficient, flexible, individualized, resource-saving and cheaper. After implementing a new set of recommendations to the project, the revolution has since then influenced other countries worldwide, including Malaysia.
There are currently 9 pillars of Industry 4.0 which are Internet of Things (IoT), Big Data, Cloud Computing, Augmented Reality, Cyber Security, Simulation, Systems Integration, Autonomous Systems and Additive Manufacturing to improve and enhance productivity and product quality of the manufacturing industry.
While smart robots and mechanics are the key component of this revolution, the new phase also heavily focuses on automation, machine learning, interconnectivity and real-time data. By integrating physical operation and production with digital technology, smart learning and big data, it creates a better and holistic ecosystem for manufacturers and suppliers. However, Industry 4.0 isn’t just only about production through smart technology and tools for maximum manufacturing efficiency – it’s also revolutionizing and transforming business operations and how the business will grow.
Every company and organization from all types of industry are different but have one common challenge – the need for connectedness to real-time insights about operation, productivity, partners, and employees. That’s where Industry 4.0 can transform your business!
How to embrace Industry 4.0 innovations into your company
There is so much more to Industry Revolution 4.0 than just incorporating smart robots and automated machines! Here are some tips to take full advantage of the new revolution and incorporate it perfectly into your company’s culture!
- Improve existing machine and tools
Yes! You can adapt your older equipment to the new Industrial 4.0 environment!
Let’s say that your equipment is already equipped with smart sensors, there’s no need to replace the entire machine! Instead, upgrade it with cheaper smart sensors that are compatible with the functions and technology of Industry 4.0. This allows you to take advantage of the benefits of the new revolution without purchasing an entire new system and keep your investment to the minimum!
- Making Data-driven decisions
It’s known that data and information is the best tool in decision-making. While many companies have lots of data, information becomes useless if critical analysis and meaningful insights cannot be extracted from it. With the help of artificial intelligence and automated machine learning, your company would be able to manage your data into strategic assets in your company’s decision making process and improve your efficiency.
Taking advantage of its smart analytical functions and real-time reports, you will be able to identify where your production can be improved. For example, machines that need maintenance and replacement can be identified almost immediately through real-time reports.
- Educate your Employees about Industry 4.0
Through incorporating smart and analytical machines, physical labor from employees can be greatly reduced. However, instead of terminating your employees, educating them about the functions and benefits of Industry 4.0 would also become another stepping stone for your company into the world of the new revolution.
Training your employees with new skills can in turn make them more engaged in their work and career. Besides, with better and more advanced IT knowledge, your workers would also be able to effectively train new recruits while collectively strengthening your employees skills and loyalty.
Your employees are the face of your company! This can set you up for success while saving your money too!
Are you ready?
The new revolution is a great opportunity for both multinational companies (MNC) and small and medium enterprises (SMEs) to improve their production and strive for better results. However, the current pandemic has proved to be difficult for companies to make improvements to their business financially. Check out Licensed Money Lender Singapore for legal and fast loans in your next business investment!
Grab the opportunity now!