![]() 2 This value is derived through new capabilities in predictive maintenance, interconnected supply chains, autonomous machines, and processes and intelligent robots. How Industry 4.0 can transform manufacturingīy 2025, Industry 4.0 could create an approximate value of US$ 3.7 trillion to manufacturers and suppliers according to a recent McKinsey report. For them, the need for Industry 4.0 is not clear. However, many industries are yet to accept that they are on the threshold of change. ![]() This new framework focuses on building a network of cyber-physical things to make factories smart, agile and competitive.Ĭurrently, a few futuristic manufacturers have welcomed Industry 4.0 and are working to benefit from new technologies like augmented reality, Internet of Things, artificial intelligence, cloud, and robotics. Today, once again, the winds of change are bringing the new framework of Industry 4.0 to the threshold of manufacturers. Its transformation, starting from steam engines and electrification to information technology and automation has seen the rise and fall of many enterprises. The manufacturing sector is no exception. Over the years, every sector has been swept by the winds of change. The inability to cope with evolving technology trends and customer needs is the key reason for their decline. 1 A staggering number of companies have failed to maintain their market share in the last 60 years. As many as 89 percent of the Fortune 500 companies in 1955 are not in the Fortune 500 list of 2019! These enterprises have either gone bankrupt, merged with a larger entity, or have been outranked by more competitive enterprises. ![]()
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