This article was written by our Managing Consultant, Bryan Schriiffer.
The fourth industrial revolution is here!
In a rapidly changing business landscape, Industry 4.0 is beginning to drive changes in technology and business processes. This change in technology will affect all organisations across the globe. It is about how we apply cyber technology, digital transformation, produce goods and services, oversee our supply chain and manage our company resources. That said, the other important factors are how we engage and communicate with our customers and clients and deliver value to them.
So, what will Industry 4.0 bring to organisations? It brings smart manufacturing processes, the Internet of Things (IoT), cyber-physical systems and digital transformation. The Industry 4.0 concept encompasses the digitalisation of the horizontal and vertical value chain, innovation in products and services and the creation of new business models.
The key business drivers are:
- Improving the customer experience
- Improving the supply chain process
- Increase the speed to market
- Reducing direct and indirect business costs
- Technologies that integrate the digital and real worlds:
- The Internet of Things (IoT)
- Connecting more and more systems, devices, sensors, assets and people through networks
- Ranging from wireless, low-power wide-area networks to wired high-capacity networks
- Mobile solutions:
- Smart phones, tablets, wearable sensors and smart glasses
- Cloud computing:
- Including low-cost processing and data storage solutions
- Cyber-physical systems (CPS):
- Monitoring and controlling physical processes using sensors, actuators and processors, based on digital models of the physical world
- Big data analytics and business intelligence:
- Turning data into actionable insights, early warning algorithms, predictive models, decision support, workflows and dashboards
- Advanced manufacturing technologies:
- Robotics and automation
- 3D printing
The changes are already being developed and deployed, Industry 4.0 will change the entire way businesses are interacting, from the architecture, organisational structure and integrated business models. These solutions will be incremental and part of a long-term trend.
Our next article will delve into how these key business drivers will change the industry. Stay connected with us on LinkedIn to keep up to date with our industry insights.
Rowe Advisory is a leading consulting business in Australia. We are strategically placed to be able to lead, manage or advise on preparing your business for Industry 4.0.
Lastly and most importantly, we guarantee our work.
Contact Rowe Advisory today for a no obligation confidential discussion. Our team of industry experienced consultants are here to help.
Chief Executive Officer, Jody Rowe, at jody@roweadvisory.com.au
Managing Consultant (Brisbane Office), Bryan Schriiffer, at bryan@roweadvisory.com.au
Managing Consultant (Adelaide Office) Richard Peasgood, at richard.p@roweadvisory.co.au