Role of Industry 4.0 next-generation technology on supply chains Today’s supply chains are run by digital backbones. The digital supply chain requires investments in technology and IT infrastructure which are strategic assets that define a company’s ability to effectively compete in its marketplace. Industry 4.0 Industry 4.0 is all about digitalization of supply chains. It is the meshing of computers and automation in an entirely new way where machines, devices, sensors and people are connected and communicate to each other. Machines and sensors collect information, store it in a common data layer and through the appropriate analytics, and communicate actions to other machines and humans in ways that are both predictive and prescriptive. This collection of people, machines, devices and computing systems, analytics and the cloud is what we call the Internet of Things or IoT. Industry 4.0 is impacting supply chains and impelling companies to rethink of designing their supply chain. With this technology in supply chain, significant improvements in performance and customer satisfaction can be achieved. Group50, a leading Industry 4.0 consulting firm have put together a team of cross-functional Industry 4.0 subject matter experts who have deep automation and systems integration experience. Their assessments clearly define the current state and the opportunities available to create a more cost effective future state. They take the results of the assessments and facilitate cross functional workshops that help a team design and plan the most cost-effective approach with the highest ROI. Ways in which Industry 4.0 is impacting supply chains Enables a demand driven supply chain management
Machines and sensors helps in collecting, monitoring and transferring it to all the required channels. The amount of data available gives insights into demand forecasting and to channelize their efforts accordingly. Helps in generating more revenue By adopting this technology, organizations can maintain their competitiveness and are in a better state to adapt the value chain of future state. It has been proven that organizations which have implemented Industry 4.0 successfully have increased their annual revenues significantly. Better data-driven insights boost productivity which translates to increased revenue opportunities. Results in well-integrated communication Intelligent devices and sensors help managers to collect, sort, and share data across various platforms which improves efficiency and productivity. It streamlines the planning and production stages by eliminating all the functional breakdowns. Reduces inefficiencies and lowers transactional costs The access of data at all segments of supply chain, allow all the manufacturing partners to pinpoint the issues identified and in applying the best approach to improve the product quality. This technology also helps organizations to reduce the transaction costs as they are able to identify the weakness and inefficient points early. To leverage all the advantages of Industry 4.0 in your supply chain, you can contact a renowned consulting firm like Group50. They have created IoE libraries for specific industry verticals such as highly automated factories, assembly systems, logistics, distribution, food processing, agriculture, Information Technology and others. Their consultants can move your organization towards Industry 4.0 with a clear roadmap and strategies that are both sustainable and scalable. Visit: https://www.group50.com/