If a company could cut the cost of a new project from $10 million and a time frame of 18 months to $1 million and a time frame of 2 months, would they do it? Of course, but how?
Capitalizing on Unprecedented Access to Data
According to a Price Waterhouse Coopers (PWC) study, “Industry 4.0: Building Your Digital Enterprise,” published in 2016, the world’s leading industrial and manufacturing companies are transforming themselves into digital organizations. The three main objectives of this change are improving operational intelligence, productivity, and risk management.
PWC provides reports for Brazil, Canada, Finland, Germany, India, Japan, the Middle East, and the United States, explaining the stage that each country is at and the unique challenges they face in transforming their manufacturing and industrial base with digital ecosystems.
PWC sees companies that adopt the digital enterprise model as making better decisions due to advanced integration by connecting systems that improve productivity through the better use of information. Key to protecting these improvements is a robust risk management system that safeguards assets and protects a company’s reputation.
Smart Manufacturing Solves Problems
Some of the key concepts are leveraging intelligence, modernization, smart manufacturing, and creating an Industrial Internet of Things.
According to PWC, the digitization of the enterprise leads to huge leaps in performance and improves digital relationships with customers who contribute to the productivity of the organization. At the same time, digitization helps companies drive transformation as they gain benefits from data analysis, accumulating a “digital trust” that forms the foundation for long-term success.
Following is a report from Rockwell Automation on how to achieve Smart Manufacturing.
The following video, “What is Smart Manufacturing?,” explains the new industrial revolution.