KNOWING ABOUT THE POTENTIAL OF INDUSTRY 4.0

 

Industrial segments can leverage industry 4.0 technologies to get better outcomes. Artificial Intelligence is just of the many technologies that can help industries realize their goals. In this blog, we will see what are the benefits of industry4.0. 

 

 

 Intelligent Asset Maintenance 

 

Predictive maintenance and preventative maintenance can be ensured by the plant operators. A maintenance strategy that is based on monitoring and measuring the condition of the asset can be chalked out. This can reduce wastage and unnecessary downtime as they make maintenance activities more focused. Industrial IoT can help manufacturing ensure that the maintenance schedule is followed. 

 

Automation of the processes 

 

Many processes can be automated with the help of Artificial Intelligence, Machine Learning and Drone Technology. AI helps in identifying and managing product defects via AI visual inspection. The process throughput and product quality can be improved with a visual inspection that uses AI. A manufacturing unit can also reduce the cost incurred towards labour. 

 

Take data-driven decisions 

 

Big Data can help industries in all segments take data-driven decisions. AI-powered data analytics can help a manufacturer analyze the huge amount of data from embedded sensors and interconnected machinery. They will be able to investigate historical trends, identify patterns and make better decisions. Harnessingthe power of big data in the finance industry is also possible. Frauds committed by those seeking insurance claims can be detected easily. 

 

 

Custom manufacturing

 

To have a better idea of what are the benefits of industry 4.0, one should know about custom manufacturing. Advanced simulation software applications like 3D printing can help a manufacturer produce small batches of specialized items for customers. 

 

 

A robust supply chain 

 

Real-time monitoring of the supply chain will be possible using industry 4.0 technologies. Transparency in supply chains is required to ensure the products reach the right destination in a stipulated time. Manufacturers can schedule the deliveries by sharing production data with suppliers. Blockchain technology can help manufacturers meet the requirements of their customers.

 

 

Digital enablement of manufacturing plants 

  

Industry 4.0 technologies can provide a single view of the manufacturing enterprise while ensuring automation at all levels. Enterprise Resource Planning (ERP) can be leveraged better with the help of Industry 4.0 as it ensures the seamless sharing of real-time data collected from sensors, devices, and machines. 

 

 

Avail the opportunity for innovation

 

The unprecedented volume of data realized owing to IoT devices can help manufacturers get deeper insights and innovate. Personalized products can be developed. Customer experience can be ensured with the help of data analytics. 

 

Collaborative working 

 

Traditional manufacturing plants work in silos. Industry 4.0 technologies ensure that there is better collaboration and knowledge sharing. Cloud computing allows production lines, business processes, and departments to communicate regardless of location, time, platform, or any other factor. 

 

 

Reduces the cost 

 

The cost of manufacturing as a result of Industry 4.0 technologies will come down. Efficient use of resources can help manufacturers manage in a smaller budget. A real-time inspection process will make manual processes redundant, saving the cost of additional staff. At the same time, customer satisfaction can be ensured because the quality of products will not suffer.  

 

 

Flexibility and agility 

 

In a smart factory that uses Industry 4.0 technologies, scaling production up is possible. Introducing new products to the production line is possible. Increased automation of repetitive workflows enables the workforce to focus on value addition.  

 

 

Makes compliance easier 

 

Regulatory compliance is required in some industries. Manual processes for ensuring compliance in industries like pharmaceutical and medical device manufacturing will not be required. Regulatory compliance is also important for banks. By harnessing the power of big data in the finance industry, loan requests can be processed. 

 

 

Conclusion

 

Manufacturing has undergone a paradigm change with the help of Industry 4.0. Smart factories can ensure optimal use of resources, making manufacturing cost-effective. AI is making manual processes in quality assurance redundant. Data gathered with the help of IoT devices can provide essential information to a manufacturer about the production plant. Most of these technologies are also relevant to the finance sector. Insurance companies can use data analytics to check fraudulent claims. Banks are using AI-based technologies to process loan requests.