Industry 4.0 is expected to change the face of manufacturing over the next 10 years. But what is Industry 4.0, and how can small businesses stay competitive in a rapidly changing world?
Industry 4.0 is defined by the advancement of new and existing technologies with the aim of creating a forward-thinking strategy to prepare industry for the years ahead. With Industry 4.0, everything in and around a manufacturing operation, including suppliers, plant, distributors, and even the product itself, is digitally connected, providing a highly integrated value chain.
What does this mean for my business?
Industry 4.0 will not only impact upon the business operation, it will impact on all areas of the business, finance included. As the operation moves towards greater flexibility, more rapid response times, shorter lead times, real time monitoring, and increasing automation, it will not be acceptable to be producing accounts mid-way through the following accounting period, because by then it will be ‘ancient history’.
In order for small firms to stay competitive in the face of these changes, integration of systems will be vital in order to provide accurate and, more importantly, instant data to react faster and more effectively to change. Manufacturers need to leave behind the practices and methods that defined the last century and move towards a modern, responsive, and fully integrated system where cloud technologies and instant reporting can offer competitive advantage in a rapidly changing world.
Is your business ready for Industry 4.0?
Fill out the form below and one of our consultants will be happy to discuss how your business can prepare itself for Industry 4.0 and gain competitive advantage in the face of rapid change.