Industry 4.0 is the latest industrial revolution to shake up the manufacturing industry. As organizations begin to transition into this new, universally connected ecosystem, it can become challenging to leverage all of the data and information at their disposal.
An article published by Forbes Magazine explores industry 4.0 adoption, and how companies have been handling the transition:
“while connecting things and even gathering and analyzing the data supplied by those things has been growing, the actual application of data to inform better business decisions is still elusive for many organizations.”
Even though many manufacturers have begun collecting data throughout their shop floor, they are still having trouble taking full advantage of it. More than 60% of survey respondents mentioned in the article claim data-informed decision making has led to significant ROI, making it no surprise why so many manufacturers are eager to start putting their data to work. Corroborating Forbes findings is another study we referenced in a past article that found 66% of early IIoT adopters say IIoT is now a critical advantage for their business.
Some key takeaways from the article include:
- “The B2B IIoT device market is expected to increase to 5.4 billion in 2020 from 2.5 billion in 2017.”
- “+90% of respondents gather data from traditional sources such as enterprise resource planning (ERP), customer relationship management (CRM), product lifecycle management (PLM) systems, or non-transactional internal systems such as email – whereas than half of respondents collect data from some form of IoT.”
- “Just over half of respondents rated themselves as capable of using data to make decisions in real time, while 45% said they don’t currently have the capability”
Read the full Forbes article here.