Five Competitive Benefits of Industry 4.0

Companies who embrace Industry 4.0 will find themselves in prime position to leverage a number of key competitive advantages for future success. This is thanks to Industry 4.0’s powerful reporting capabilities that meet a company’s demand planning, forecasting and modelling needs.

First: Embracing the Internet of Things

Industry 4.0 can be viewed as the evolution of the ‘smart factory’. The Internet of Things relies on a harmonious communication between machines and systems, as a key advantage of leveraging Industry 4.0. The ability of systems and solutions to work in conjunction with each other not only encourages and cultivates greater productivity and accuracy, but it also provides greater clarity into a company’s overall supply situation.

Second: Enhanced customisation

Any company operating on today’s demanding market must address the specific needs of individual customers, and Industry 4.0 allows for the enhancement of the customisation capabilities to do just this. The ability to service this level of customisation means companies will be more responsive to restraints in production programs and better equipped to weather potential breakdowns or slowdowns in the movement of parts throughout the supply chain.

Third: Data storing technology

The Industry 4.0 supply chain is data-driven, and insights gained can help streamline processes at a variety of points across the value chain. To this end, Industry 4.0 demands a powerful platform for storing, sorting, and retrieving massive amounts of detailed data and reporting.

Fourth: Integration of advanced analytics

Companies must aim to maintain high levels of productivity and efficiency at all times, and advanced analytics gives planners and managers the data-driven insight to make informed decisions about planning strategies and planned production programs. Industry 4.0 employs advanced analytics to support the drive for 360° visibility and increased supply chain agility, both of which are key in avoiding bottlenecks and creating stability across the entire value chain.

Fifth: Improved communication

Planners and managers gain enhanced capabilities to gather, sort, share, and collaborate on actionable data sets for improved efficiency and productivity, thanks to Industry 4.0’s reliance on the coordination and communication of intelligent planning platforms and solutions.