If you follow technology news, you may believe that manufacturers all over the world are charging ahead at light speed with Industry 4.0 technologies. Industry 4.0, otherwise known as the “fourth industrial revolution, is the conceptualization of rapid change to technology and industries as well as society as a whole. One of most pertinent technologies of Industry 4.0 is the Internet of Things (IoT), an amalgamation of interconnectivity, automation, machine learning, and real-time data to create smart machines connected by smart networks.
So is it really full steam ahead with Industry 4.0? Maybe not.
iBASEt, a manufacturing software company located in Lake Forest, California, recently conducted a survey of more than 400 manufacturing executives in the U.S and U.K. to determine where companies are in the quest for digital transformation related to Industry 4.0 and the Internet of Things. The study concluded that, despite earlier pandemic-driven investments in new technologies, many organizations are lagging.
Researchers found that nearly three-quarters (72 percent) of respondents invested in new technologies during the pandemic, and 98 percent saw increased productivity. However, fewer than half of respondents (44 percent) said that this modernization was providing them with additional actionable data, and 19 percent are not harnessing any data insights at all.
What gives? Companies may simply not have the foundation systems to make use of the data.
"As the volume of manufacturing data continues to explode, it's critical that manufacturers modernize their systems and technologies to make use of critical data for business intelligence and more informed decision making," said Naveen Poonian, CEO of iBASEt. "The ability to not just embrace Industry 4.0 at stage one, but to then convert critical data into actionable improvements is pivotal to a true digital transformation."
The survey found that although a majority of manufacturers embrace cloud transformation enthusiastically, few have made the full transition. A full 88 percent of respondents indicated they are increasing their investment in cloud technologies over the next 12 months, but only 21 percent are currently completely transitioned to the cloud.
Two-thirds (66 percent) of respondents believe this accelerated move to the cloud will unlock benefits that help drive operational efficiency. Only eight percent have "no plans" to use cloud infrastructure as part of manufacturing operations.
To better understand disruption and opportunity IoT and its related technologies are creating – and how to benefit from them – join the conversation at IoT Evolution Expo, taking place in Ft. Lauderdale, Florida, June 21-24, 2022, part of the #TECHSUPERSHOW experience. Plus, discover advances in edge computing, machine learning and AI; and understand the role these technologies play in ushering in the new age of digital transformation. Participate in more than 100 business and technology conference sessions, workshops and keynotes, meet key suppliers in the exhibit hall, and network with prospective partners and customers during the many networking and other special events during the week.
Edited by Erik Linask