By Felix C. Veroya
Are you wondering what the future has in store for you?
We are in an age where everything is virtually connected. Data is available and utilized to make critical business decisions. What we dreamed to be a future 10 years ago is now happening. This is Industry 4.0.
Industry 4.0 is revolutionizing the way companies produce, improve, and distribute their outputs. This significant revolution is described as having interconnected systems powered by smart technologies, cloud computing, big data, networked machines, and processes. This has revolutionized how processes are being done on a personal and industrial level providing opportunities for leverage and growth.
Below are some benefits of Industry 4.0 to the industry:
- Improve OEE (Overall Equipment Effectiveness). 60% of adopters said digital technology helped boost productivity. It is utilized to predict and prevent unplanned machine downtimes and optimize every component of OEE and plant maintenance.
- Reduce costs. Almost 50% reduced operating costs for companies who deployed Industry 4.0. This covers real-time production monitoring and control, adopted predictive maintenance, and applied automation and 3D printing.
- Improve quality control. Companies that adopted the technologies have seen 42% improved overall product quality. It encompasses reduced customer returns and real time quality control.
- Faster innovation. 13% of the early adopters experienced greater capacity to improve. 3D printing and remote collaboration through design thinking applications are key components to achieving this result.
The benefits of Industry 4.0 have been seen in various areas of the organizations from operations management, supply chain management, quality management, innovation, and process optimization. From production resource optimization to transportation asset allocation and scheduling to reliability engineering design and enhancement, process innovation deployed on a global scale to the use of data analytics to optimize business processes, organizations have reaped the gains through capitalization of Industry 4.0 initiatives and applications.
With all these developments, emerging job functions will continue to surface such as sustainability engineers, data scientists, agile project managers, social entrepreneurs, and Industrial Engineers 4.0.
For professionals to successfully thrive in these emerging trends and to stay relevant, they must start building skills covering the following.
- Complex problem-solving. The ability to apply a structured problem-solving approach in addressing issues in various areas of the organization.
- Critical thinking. The ability to challenge the current condition and to apply workarounds to system constraints.
- Creativity. The ability to think differently and make things move and materialize.
- Collaboration. The ability to work with various stakeholders to achieve set goals.
- Communication. The ability to express ideas and convey them to members of the group.
Industry 4.0 have delivered tremendous benefits to society. There are still a significant number of opportunities that are available in the industry to be filled in. By building the right skill set, professional growth is assured, and we can stay relevant moving forward
Let’s continue to be #significantlybetter Industry 4.0 professionals, together!
Do you want to talk? Get in touch with me thru fcveroya@asklexph.com.