Information Technology continues to change the way people do everything. From business, to healthcare to education, every aspect of human endeavor is constantly shifting according to developments in technology. Manufacturing is no exception. The future of manufacturing is digital, automated, and full of possibilities.
Manufacturers all over the world have adopted a host of technologies, collectively referred to as Industry 4.0. This technology involves machines fitted with Industrial Internet of Things technology (IIoT) that enables constant collection of data. This data is used to improve processes and product quality. Consequently, it allows for real-time factory floor monitoring and predictive maintenance. It also includes automation. Above all, the use of this technology equals a lot savings over time. A PWC study estimates that manufacturers using Industry 4.0 technology will experience a 3.6% cost reduction through 2021. Additionally, the study also predicts a 2.9% revenue increase through the digitization of products and services.
Welcome to the Future
The future of manufacturing is here. A recent survey on manufacturing processes revealed a threefold increase in the interest and adoption of IIoT technology in the last two years. Moreover, another recent study of AI in manufacturing had 26% of their respondents report deployment of AI-based technology. Half of the respondents also reported that AI-based technology was under development.
Connecting devices to a network means dealing with cybersecurity threats. In fact, the manufacturing industry suffered more ransomware attacks in the third quarter of 2020 than any other industry. That is to say, no company is immune to these attacks. For example, earlier this year, manufacturing giant, Honeywell, suffered a breach. The benefits of IIoT technology, however, outweigh the risks. But the lessons are important to learn. Cybersecurity must be a top priority, regardless of the industry.
We Can Help
If you are looking to improve productivity and begin the journey of adopting Industry 4.0 technology, give us a call. We can help you take the small or large steps needed to walk into the future of your field.