The technologies associated to Industry 4.0 were transforming manufacturer’s operation before the pandemic. Now, adoption is diverging what we have and what we don’t have, be it technology or infrastructure. Mapping between these two is really a big task. Even in part of the World where the effects of COVID-19 have started to retrocede, executives are continuously facing new pressure day by day; they are adopting new strategies to combat the newer emerging problems. In a recent, according to the McKinsey’s survey in South-Asian countries, sudden material shortage was a common issue along with exponentially decrement of demands and worker unavailability but industry leaders have been implementing Industry 4.0 solutions for immediate responding to the crisis.
Few basic tools of Industry 4.0 to accelerate the transformation are connectivity, advanced analytics, automation and advanced manufacturing technologies which were there before the pandemic. These tools have helped manufacturing sectors to gain momentum before the pandemic by transforming their operations. Transformation is ranging from production efficiency to product customization, some newer strategies have been implemented that results faster market-movement, service effectiveness and new business model creation. These four foundational technologies have been applied as an integral part of Industry 4.0 technologies
Source: www.McKinsey.com
All the big players in the market are using digital platform based technologies for securing better position compared to their competitors. As companies think about resuming operations by building the muscle to fight with future crisis using digital technologies only, 91 percent heavy machinery companies have invested something for digitalization to follow the stiffer slope of growth in future. Industries need to develop resilience to deal with the temporary crisis at this moment. There are three possible technological transformations to be adopted by the industries to emerge from this low-land.
But there are many Industry 4.0 technologies which can be implemented without major investments.
Source: www.McKinsey.com
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