Demystifying Industry 4.0 – Helping SMEs lay the tracks for Australia’s digitalisation express train
Industry 4.0 (I4.0) is also known as the fourth industrial revolution. Its impact will be felt by individual companies and industry sectors in every country across the globe. As the revolution progresses, businesses that fully embrace the transformation will be in the best position to thrive, while those that have lagged behind their more agile competitors may struggle to survive.
There are also misconceptions among many small and medium enterprises (SMEs), in particular, that the new technologies are too costly and beyond their reach.
Some highlights from the report
- … most businesses are not yet prepared to meet the inevitable challenges of I4.0 or to exploit the vast opportunities it represents.
- No industry sector or business will escape the impact of I4.0. The disruptive changes are already happening and are escalating rapidly.
- Many businesses in the early stages of implementing I4.0 systems are analysing the data generated at relatively superficial levels.
- The chief economic potential of Industry 4.0 lies in its ability to accelerate corporate decision-making and adaptation processes.
- Contrary to existing perceptions, transitioning to I4.0 technologies does not necessarily require major investment … there are more affordable technologies, such as data analytics, that can return significant value when expertly deployed within a manufacturing enterprise.