Ready For Industry 4.0?
Technologies such as Internet of Things (IoT), Artificial Intelligence (AI), machine learning etc. are drastically changing the way companies design, manufacture and distribute their products. These rapid changes, sometimes known as Industry 4.0, are causing massive disruption that is bridging the gap between the digital and the physical world. Businesses around the world are transforming their supply chain to gain a competitive advantage. Sensors play a key role in collecting various types of data at different stages of the process. If used correctly, this data can turn into actionable insights and be used to predict various scenarios with the help of machine learning.
For example, equipment failure prediction, asset tracking, asset performance management, inventory management, infrastructure management etc. are now being done digitally. Manufacturers are automating their procurement process based on their inventory status, which relies on sensor data. This and so much more is now possible because not only the technology is far more advance but also these digital transformation solutions are easy and affordable to deploy.