We are living in the age of Industry 4.0. This fourth industrial revolution, with its unprecedented speed and scale, enables more work with data. You can leverage this data to make better decisions by adding value to your assets.
However, in the age of 5G and edge computing, uncovering the right insights becomes harder as more assets are integrated into business workflows.
In the midst of the unusual global disruptions, these insights can be a vital key to enhancing the operational resilience of businesses.
In this blog, we will discuss industry 4.0 and the key role of IoT in it. Read on and learn more about the key business benefits of industry 4.0 and IoT.
Industry 4.0
Industry 4.0 is a new industrial revolution that aims to make industries intelligent through interconnectivity, automation and real-time data monitoring and exchange.
Industry 4.0 is completely customer-centric, and manufacturers must go the extra mile to deliver invaluable customer experience and service.
This customer-oriented approach in Industry 4.0 covers product vision, sales, production, assembly and service management. IoT will simplify this process, helping property owners to keep up with their customers.
The Rise of Industry 4.0 & IoT
The Internet of Things is driving the rapid rise of Industry 4.0, where everything is connected to a single network, and operations are mostly automated, requiring little human intervention.
Moreover, real-time data monitoring improves decision-making and predictability, which helps to reduce the likelihood of future risk in the industry. This drives resource management for future workability.
The main stages in the rise and rapid development of the Internet of Things and Industry 4.0 are:
- Connecting things
- Generating insights
- Optimizing operations and processes
- Innovation
The Goal of IoT
The main goal of the IoT is to make everything intelligent, be it a home, a building, a healthcare system or a factory.
On the other hand, Industry 4.0 consists of cyber security, augmented reality, autonomous robots, digital twins, cloud computing, big data, connected devices and heavy machinery.
So the key industries were 4.0, and the Internet of Things convergence and creating impact are connected devices, smart factory networks, and heavy machinery.
The IoT can deliver manufacturing excellence by playing a vital role in every industrial activity and greatly enhancing it.
Therefore, IoT is considered the most suitable technology for industries since it combines information technology with operations technology.
Impact of IoT on Industry 4.0
IoT is a major technology that greatly impacts our daily lives. The impact of the Internet of Things on Industry 4.0 has also not gone unnoticed. Great signs of progress are happening in this area. For example, thermostats, car lights, and microwave ovens can be taken into account as the components of IoT.
The statistics in this area are also interesting. IoT revenue is expected to grow to $600 billion by 2022, and the public will own a share of $15.9 billion in IoT devices by 2030. In addition, there are more than 250 million smart homes that prove IoT applications are secure.
Computer programming, data analysis, cyber security and machine learning are important characteristics of the industry. Developers contribute to the growing knowledge base in this area.
Use Cases of IoT In Industry 4.0
The adoption of industry 4.0 is a welcome task because of certain IoT applications. They are as follows:
1. Smart Homes
IoT helps build futuristic house designs for the complete safety of the residents. The automatic lighting systems and locking protocols are the result of the technological characteristics of the application, and many IoT app development companies are proud to offer this feature to their customers.
2. Self-driven Cars
The sensors with the embedded IoT system are helping create self-driven cars that guarantee a considerable reduction in road accidents and comply with the safety guidelines. However, IoT solutions in this area still need work, but progress is imminent, and many companies are investing in this sector, considering its growing value.
3. Retail Shops
Customers don’t even need to pull out their wallets to make purchases at retail stores with IoT designs. They can pay without even speaking to the cashier. The use of cashless transactions is growing, and many stores now boast about automatically deducting payment from a cash app that has been installed without the customer having to do anything. Without a doubt, this shopping experience is having a big impact on markets right now. IoT app developers are still working to perfect the project codes.
4. Industrial Internet
This field is about creating a network of sensors that can communicate with each other. Many enterprises are investing in this technology because it has the potential to provide seamless communication within and outside of a building or other premises.
5. Smart Grids
This IoT technology helps prevent excessive electricity consumption. Also, it helps to deliver clean electricity projects around the world. This can have a significant impact on the profitability of an energy-dependent organization.
What are the top Business Benefits of IoT & Industry 4.0?
Now, let’s look at the major benefits of industry 4.0 & IoT to your business.
1. Predictive Maintenance
Maintenance is a headache for any factory manager. Downtime and the associated costs can be very expensive. It is inefficient for machine tools to undergo regular maintenance, resulting in decreased efficiency and higher costs.
Predictive maintenance systems use IoT to obtain real-time information about each asset. Based on this information, the system predicts active maintenance times.
In a factory, there are many interconnected systems in which several factors are involved. Load, design, and process changes in one location can affect the entire facility. IoT-based predictive maintenance and cloud computing can come in handy in these situations. The system uses data from assets around the facility to predict maintenance needs.
Smart maintenance management systems with IoT can also use artificial intelligence and machine learning. They can consider the effects of all systems on production to make more accurate predictions over time.
2. Smart Logistics Management
The manufacturing industry faces unprecedented conditions from the Covid-19 pandemic, including social distancing requirements, labor shortages and labor force limitations. All these situations have greatly affected factories and warehouses.
Logistics is the lifeblood of any business, and if the global supply chains are disrupted, logistics across multiple industries will be compromised. These massive disruptions need a shift to smarter logistics management. IoT can be of great help here.
From inventory and materials management to internal sourcing and processing, IoT can help improve the accuracy and efficiency of logistics management. IoT can help in these areas through real-time data on the location and condition of assets.
As a result, it helps optimize usage and inventory, better track assets and material handling systems, and reduce accidents and asset losses. Moreover, business owners can share production and delivery information with partners and customers.
3. Big Data & Cloud Computing
Real-time data collection is a key advantage of the digital factory and IoT implementation. Sensors on all fixed assets can collect vast amounts of valuable data. This data can provide important insights to enhance a factory or a manufacturing plant’s performance.
Currently, only a small fraction of the data is used for decision-making. These decisions may relate to changes in production, inventory levels or forecasts. With cloud computing and big data, businesses can gain invaluable insights from data.
This data can help business owners simplify complex manufacturing processes with the help of advanced analytics and artificial intelligence. Eventually, this will help to reduce production time and manufacturing costs. Moreover, it will significantly help to increase the ROI faster.
Most Popular Questions
Question: What is Industry 4.0 and explain its challenges and benefits?
Answer: The Fourth Industrial Revolution focuses on digital transformation and AI-driven technologies to increase productivity and flexibility. Manufacturers want to automate all processes to increase efficiency as quickly as possible. This approach helped them overcome the pandemic as we know it.
Question: How will Industrial Revolution 4.0 impact business?
Answer: Industry 4.0 solutions improve operational efficiency, productivity, product quality, inventory management, asset utilization, time-to-market, agility, workplace safety and environmental sustainability.
Are You Ready for Your Innovation Journey?
IIoT and Industry 4.0 are creating new chances and opportunities for industries around the world. Only early adopters have an advantage. If you want your business to stay competitive, you need to plan ahead and strategically plan for your technology adoption.
With new products under development and new customers confirmed, ThinkPalm Technologies is gearing up for a busy 2023 implementing Industry 4.0 and IIoT solutions in numerous industries across the globe.
Connect with our seasoned IoT experts today to kickstart your innovation journey right away!
Author Bio
Vishnu Narayan is a content writer working at ThinkPalm Technologies. He is a passionate writer, a tech enthusiast, and an avid reader who tries to tour the globe with a heart that longs to see more sunsets than Netflix!
