Have you heard the term “Industry 4.0”? It’s one of those buzzwords that gets used a lot in articles and publications, but less so in the real world. The actual meaning probably alludes most people. This Forbes article provides a pretty good breakdown.
Basically, “Industry 4.0” describes the current shift to digitization taking place in the manufacturing industry. Why the “4.0”? Because this is the fourth significant shift in manufacturing since the initial industrial revolution took place in the 18th and 19th centuries. The fact that what is happening right now is being compared in any way to the industrial revolution should tell you everything you need to know: It’s a big change.
Like all big changes, the move to Industry 4.0 won’t happen overnight. It’s going to take decades. But the change is underway, as detailed recently by accounting firm BDO in “The Middle Market Manufacturer’s Roadmap To Industry 4.0” . That resource explains how manufacturing companies large and small are exploring the next generation of digitization—which can mean anything from moving to the cloud and embracing forms of automation to investing in cutting-edge technologies like robotics and artificial intelligence. As the article states: “For some manufacturers, the Industry 4.0 journey might be evolutionary instead of revolutionary—and that’s okay. Small, incremental innovations add up over time…”
In the resource, BDO also spotlights the impact and opportunity provided to mid-market manufacturers by Industry 4.0. It illustrates how smaller mid-market manufacturers are positioned to innovate faster and be more agile in adoption, testing, and trialing the digital aspects of industry 4.0. The approach this article recommends aligns closely with V2’s approach to helping mid-market manufacturers get the most value from their technology investments through strategy, planning, and roadmapping their future.
If your manufacturing company is beginning the process of “revolutionizing”, make sure you have a clear view of what’s ahead—and how your business can effectively employ technology to grow, improve your operations, and stay ahead of the competition moving into the future.