Four significant industrial revolutions have happened in the previous two decades, each leading to increased manufacturing productivity and operating excellence. The period between these upheavals has shrunk significantly. Meanwhile, the latest revolution, Industry 4.0, and the next will shrink even further as new technologies emerge and corporate objectives will shift.
The introduction of Industry 4.0 technologies marked a watershed moment in the life form relationship’s existence. Since 2011, when 4.0 was introduced, it has grown quickly because of technological advancements such as cyber-physical systems, Blockchain, IT/OT convergence, AI/ML, and AR/VR.
Stay Ahead of the Competition
The COVID-19 pandemic served as an accelerator for businesses to adopt and scale Industry 4.0 technologies for their business operations and people regulations. Companies that used 4.0 technology before the outbreak were “better prepared to assist in the catastrophe, as per surveys. In addition, 96 percent of firms with mature 4.0 deployments stated that they have “a greater ability to address the crisis.”
Technology will bring the new normal, allowing organizations to become more resilient, sustainable, and human-centric. Innovative technologies are predicted to broaden their aims from quality and effectiveness to include industry contributions to society by encouraging employees and placing workers well from the center of production processes.
To meet changing business expectations, Industry 4.0 should evolve to become better ready for these new conditions, and firms that use 4.0 as a standard will fall fast behind.
What has Industry 4.0 Accomplished, and What Does it Lack?
Industry 4.0 was a concept in the cyber-physical manufacturing arena that relied heavily on widespread acceptance to succeed. With the sustainable manufacturing industry leading the way, benefits such as increased efficiency and lower prices became commonplace. As a result, the way manufacturing was done forever changed. These efforts yielded significant benefits for businesses.
Disruptive business concepts and the quest for viable business processes emerged when market circumstances changed, and the pandemic disrupted supply networks. Supply chain Visibility was given importance. 4.0 must be used more aggressively to bring about the understanding that there is still work to complete.
Enterprises are on the verge of transitioning to a new ecological system phase termed Industry NeXT by HCLTech when they move their attention from service efficiency to value-centric, intent marketing strategies.
Industry NeXT’s Core Values
Industry NeXT is a transformative framework that relies on the 4.0 base and creates a cognitive ecosystem of linked experiences, autonomous operation, and a mix of physical and virtual products and services. It lets enterprises build smart goods and internet products, flexible services, and sustainable processes by gathering contextual data from a network of customers, operations, and amenities linked by a digital thread.
The following are the primary disruptive factors that are driving companies to focus on the future and examine their implications on the industry:
Innovative Business Models: Businesses are attaining new levels of operational and cost efficiency post-pandemic and developing new income sources, thanks to improved technology.
Sustainability: Climate change, the rise of disruptive technologies, geopolitical upheavals, and the need to attain net-zero operations have increased the importance of an ESG strategy.
Ecosystems and Products: To offer a higher level of personalization while being cost-effective, businesses must be able to develop and go to market more quickly. Above all, they must remain relevant in changing commercial conditions in the post-pandemic era.
Lifecycle Value: Because of changing market trends and a disturbed supply chain, the pandemic caused firms to rethink their value creation processes. Organizations have shifted from a product-centric to a purpose-driven strategy to produce value.
What’s NeXT?
Industry NeXT unifies the company by assessing current investments, determining digital continuity requirements, and creating a plan that matches corporate goals. The following are the primary transformation levers:
- Digital consistency from assets and staff to customers and users is achieved through vertical integration.
- Ecosystems’ virtual and actual aspects
- Intelligent people, system, and system integration
- International and domestic stakeholders’ participation and collaboration
Follow Techdee for more!
