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3 Reasons to Not Get Left Behind – Industry 4.0 and the Future of IoT

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pexels-photo-374899.jpgAll around the world technology is advancing at rapid rates and changing the way business is done. Manufacturers are not immune to this fourth industrial revolution, called Industry 4.0. Companies and their processes need to adapt to the digital transformation that is happening in their sector before they are left behind by their competitors.

Industry 4.0 is the digitization and integration of vertical and horizontal processes, products and services, business models and customer interaction in the manufacturing sector. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive calculating. This industrial revolution allows manufacturers to use technology to cut costs, make processes more efficient, and increase customer satisfaction through a customer-centric inventory management approach.

A common misconception is that transitioning to an Industry 4.0 manufacturing company requires drastic transformation and costly advanced technology that is too complex. While some changes are necessary, the alterations can easily be customized to the current capabilities of the organization. In addition, starting small and gradually making advances has its value. In the end, these changes will make people’s jobs easier and customers more satisfied.

Companies that refuse to make the shift towards digitization face multiple consequences. Here are 3 reasons why manufacturing companies should keep up with these rapid technological advances and not get left behind.

Digitization Increases Performance and Productivity

Companies who digitize are expected to reduce operational costs and increase efficiency by leaps and bounds. Integrating, automating and streamlining processes is now possible using cloud-based platforms. Companies that integrate real-time end-to-end planning and inventory management systems gain access to valuable information. This increases visibility of inventory levels, changes in customer demand, and repair and maintenance schedules. With this birds-eye-view, companies have more accurate inventories and reduced operational costs.

Digitization Optimizes Customer Relationship

Organizations are getting closer to their customers through technology. Data analytics have come a long way and now provide insights into consumer behavior that can be used to enhance the customer experience. With the capability to digitize existing products and develop new digital products, companies are expected to improve their responses to customer demands. Customer service greatly improves the more information that is known and understood by companies seeking their loyalty and retention.

Digitization Provides a Competitive Edge

The fact is that the manufacturing industry is moving at rapid pace towards digital transformation. Companies that hold back will inevitably fall behind. Getting a head start by evaluating the current state of your digital capabilities, listing and prioritizing projects that provide the most value company-wide, and starting to implement smaller projects one by one will give you a competitive advantage. As the world digitizes, customers expect quicker and more customized interaction from companies. The faster your company can accomplish that, the more competitive you will be.

There are many advantages to becoming a truly digital business and manufacturers need to begin developing their strategies now. First movers have a great advantage. Don’t wait until you have the perfect plan because it will be a journey.

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