Since 2015, when the term was first popularized, proponents of Industry 4.0 have proclaimed that the computerization of manufacturing would be just as significant, if not more so, than the introduction of the steam engine.
In the years since, however, questions have emerged as to whether Industry 4.0 is quite as revolutionary as once thought. Experts agree that digital technologies such as the Internet of Things (IoT), robotics, digital twins, predictive analytics and augmented reality have the potential to dramatically increase efficiency, effectiveness, quality and safety. Yet many manufacturers have been slow to adopt these cutting-edge solutions.
In an era defined by slim margins, building a business case for these technologies has proven to be difficult for some. In addition, a lack of IT and data infrastructure have stood in the way of successful implementation.
The second conversation in our PEX Talks series, this 30-minute discussion explored:
- How the concept of Industry 4.0 has evolved
- Hype vs. reality
- What separates the haves and have nots
- For those that are falling behind, how can they catch up? What steps do they need to take