Industry 4.0 is changing supply chains
Industry 4.0, also known as the fourth industrial revolution, is the current supply chain trend toward greater interconnectivity between automated equipment through data exchange to support intelligent, autonomous decision-making. It includes cyber-physical systems, automation, data analytics, the Internet of Things (IoT) and cloud computing, among other technologies.
As markets demand not only efficiency, but agility and flexibility these digital supply chain solutions are key. How are companies reacting to the new digital wave shaping this ‘Industry 4.0’? To answer this question, ProMat keynote speaker Markus Lorenz of BCG carried out a survey in Germany and in the U.S. Even though companies have the same transformation pace in both countries, notable differences remain.
The survey found that firms in the two countries have implemented Industry 4.0 technologies at approximately the same pace. However, German firms seem to be better prepared to implement these advances in the coming years, and they have higher ambitions, which could give them an advantage as adoption proceeds.
Overall, firms see the lack of qualified employees as their biggest challenge in implementing Industry 4.0. Data security and the significant investments required for new digital technologies also ranked as major challenges.
Read the complete BCG report titled Time to Accelerate in the Race Toward Industry 4.0.
Make plans now to attend the ProMat keynote by Markus Lorenz on April 4 in Chicago at promatshow.com/education.