Digital technologies have been integrated into almost every aspect of business in the last few years, and manufacturing is no exception. We are seeing a rise in smart manufacturing and smart factories driven by the changes in how businesses deliver value to customers. But what is specifically happening in the industry? What do manufacturers need to be aware of in order to stay ahead of the competition?
First, the Fourth Industrial Revolution, or Industry 4.0, isn’t new. The term was coined some five years ago to encapsulate a whole wave of technologies changing the industry, from AI to 3D printing, and other “smart factory” elements. Still, while manufacturing as a whole seemed to be quick to jump into digital transformation initially, in our 2020 Digital Transformation Index we found that the commitment has waned, and it is now one of the lagging industries. Why? For some companies, it’s due to a wide range of legacy systems that still exist on the production floor, making it hard to focus on larger, enterprise-wide efforts. For others, it’s simply a legacy-centric culture that prevents a drive to move forward.
On the plus side, there are several areas of opportunity and digital transformation strategies that could continue to drive the industry forward.
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