Industry 4.0 Factors That Will Contribute to Increasing ROI
According to a study done by the World Economic Forum in May 2018, ROI on Industry 4.0 projects can vary widely. For example, industry leaders (which tend to be larger by revenue) can achieve productivity gains of about 70%. Small to Medium-Sized Enterprises (SMEs) are more likely to see gains of approximately 30%. Regardless of your organization’s standing in the industry, certain factors can help maximize the ROI of Industry 4.0 projects. Strong Executive Leadership. A successful journey to Industry 4.0 requires strategic vision and alignment across all parts of the organization. This is what makes having a comprehensive Business analysis of the entire company an important first step in the transition to I-4.0 This study must originate at the top of the organization. Leaders should frequently and authentically voice their support for achieving Industry 4.0, not only through organization-wide communication but also through the allocation of resources and the…
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Industry 4.0 Technology
In a recent survey, 76% of manufacturers said they would increase their investment and use of smart devices or embedded intelligent into the manufacturing processes within the next few years. In the same survey, 66% of the manufacturing CEOs expect to increase profitability through the use of new technology and the Internet of Things (IoT) within the next five years. According to these results, Industry 4.0 is being adopted far and wide. So, what do they know that you don’t? Advances in Technology are happening at a rapid pace, and it takes special attention to not only understand how new technology functions but also how it can actually help. Indeed, is it hype or help? From a CEO’s point of view, how new technology works is secondary to how adoption could impact the company and its bottom-line. What to consider before adopting Industry 4.0 Most investigations have shown there are…
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Decision-Making Process for Industry 4.0
“Decision-makers must learn to leave egos at the door” In the era of Industry 4.0, technology will play a greater part in optimizing solutions. But do decision-makers have the expertise needed to fully understand the rapidly evolving tech world? If leaders can’t stand up and say: “I don’t understand how that tech solution works” and have the humility to learn new things, then optimal decision making in the era of Industry 4.0 may be in jeopardy. Making a good decision is only validated by the results. However, in an age of constantly growing complexity and the push to be innovative and “out-of-the-box”, there may be too many unexpected variables that can bring about unexpected results. This logical fear plagues decision making. In fact, decision making has become more challenging due to the exponential growth and access to information. Validating information is becoming a serious issue in the Corporate C-suite. Misleading…
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