With the advancements in information and communication technology, the business world has entered the age of Industry 4.0. It has brought the dimension of technologies like Big Data, Internet of Things, Cloud Computing, etc., that play a pivotal role in digitizing the value chains in various industries.
When the discussion is about Industry 4.0, IoT occurs as a forerunner in the domain. It allows connectivity of the different industrial machines placed in a factory with the digital network of cloud, data, and artificial intelligence. IoT brings voluminous data collection and quick data monitoring to provide for better and informed decision-making. Possessing great potential in the technology domain, IoT has drawn considerable space in the manufacturing sector in the form of IIoT (Industrial Internet of Things) or Industry 4.0.
Industry 4.0 builds up tremendous opportunities for the industries that provide them scope to innovate products and services. These opportunities further call for advancements in building the standard for generating the smart factory and supply chain of the future by utilizing IIoT, analytics, cloud computing, and cyber-physical systems.
As the present-day manufacturers are increasingly aiming for smart and connected industrial setups, there’s a potential rise in the demand for IIoT.
As per the report presented by Markets and Markets, the global Industry 4.0 market was valued at USD 71.7 billion in the base year of 2019 and is anticipated to touch USD 156.6 billion by the end of 2024, a CAGR of 16.9% during the forecast period.
IIoT is an intensively sprawling market and an ever-deepening concept for the manufacturers. Let’s find out how one can rekindle the value of one’s business with Industry 4.0 through the provided four vital points.
Sync Industry 4.0 with Companies’ Strategies
Make the best of IIoT by aligning it with the overall business and technology strategy of your company. The apt way to ensure the same is to generate an IoT approach that analyzes the current strategy and directs appropriate changes. As a strategic idea to develop long-term competitive interests, industrial firms should foster transparency on the several facilities that transform them from the competition and align Industry 4.0 technology to those facilities.
Attaining Full-Fledged Security
Unlock the power of safety and security in your business with Industry 4.0, which allows you with authentication and encryption capabilities grouped into hardware, real-time analytics of network traffic, and IIoT gateways that render protective shields for the factory equipment. These further aids in mitigating the technology dangers like data theft, glitches, etc.
Having a cross-functional perspective helps in the effective implementation of Industry 4.0. While the industrial companies are now going beyond the verge of traditional functional excellence, Industry 4.0 enables different functions to operate collectively, thereby transforming the operating model.
Authorizing the Proposed Operating Model
Bring in the evolution of Industry 4.0 by validating your company’s Proposed Operating Model. This is because the proposed operating model poses a significant impact on the practical implementation of IIoT in industrial setups. One may verify both the focus points of the value chain and the aiding processes. It also entails an organization to consider what sort of management is required in the subsequent stage of its continuation.
This brings us to the final lines, which comprise that inculcating the right approach towards the Industry 4.0 implementation indeed proves beneficial. Expertise and experimentation imply a definite association between technology investment and value production in corporations that syncs-up technology with their varied abilities and support initiatives with a projected operating model. Rekindle the value of your industrial business with Industry 4.0 by connecting with our experts, and discovering a wide base of industry-specific offerings that Teksun has to offer inclusive of Machine Monitoring, Predictive Maintenance, and others.