Industry 4.0 Strategy Manufacturing companies are challenged to increase productivity while producing high-quality individualized products in an environment of constantly changing and varying customer demand. Companies recognize Industry 4.0 as strategic priority to turn these challenges into opportunities.
Industry 4.0, or the Industrial Internet of Things (IIoT), is about industrial transformation using new digital technology that makes it possible to gather and analyze data across machines and business systems, enabling faster, more flexible, and more efficient processes to produce higher-quality individualized goods at lower cost. Technology innovations like the IoT, edge and cloud computing, Big Data lakes, artificial intelligence, sensors, autonomous systems, and cobots are drivers for the change. Creating value from Industry 4.0 requires an industry-specific approach as business goals and challenges vary by industry – and even by company.