AN ENTREPRENEUR’S GUIDE TO INDUSTRY 4.0
One situation that always haunts any budding entrepreneur: If this method is obsolete, how do I go about that? The generic answer to which is known by the mass, updating our models but what it is that needs to be done is where major start-ups fail.
Companies are facing an inevitable struggle in the market where it is easy to set off to sail but arduous to stay afloat. The only way to keep the turbines running is broadening knowledge, adapting to changes and tailoring selves to keep the company from drifting.
Companies are changing their ways of manufacturing, enhancing production efficiencies by growing away from traditional methods. This is the course that is imbibed in Industry 4.0: A wave of technologies that any entrepreneur should be discerning about for their enterprises. Digitally trans formative techniques that aim to increase efficiencies by minimising risk, thus, enabling better decision making. Not to forget, a truly integrated network of networks that could ease supply chains and reduce the need of human dependency.
DOES THAT MEAN LOSS OF JOBS? NO, that just indicates the need of SKILLED JOBS!
Here is a short list of the important tech coming up that are vital to be known:
BIG DATA & ANALYTICS
What if you had the power to collect information of targeted people, lawfully, and a tool to analyse it? Wouldn’t you be able to know the preference of a person and customise your product accordingly? That is big data! The system of collecting and utilising huge amounts of data, structuring it, analysing it and making sense through technologies is what Big Data Analytics all about.
To mention the difference of Big Data and Big Data Analytics is that the former employs technology to harness data while the latter is about predicting and modelling on the basis of the collected data.
The obvious advantage includes reduction in costs since an organisation will be able to facilitate better decision making.
Hadoop is an example of a Big Data tool.
ADDITIVE MANUFACTURING
Ever heard of 3D printing? Yes, not as complex as it sounds!
Advanced equipment that builds an object by deposited materials (As the name suggests ‘additive’). The object is first recognised by the Computer-aided –software (CAD) which identifies data and prints the objects in layers or into precise geometric shapes. The output ranges from phone covers, architectural structures, prototyping, medical, aerospace, dental, jewellery to even furniture.
The biggest advantage considered in 3D printing is the reduction of time, resources and costs as the object does not have to be waiting for any tool or mould or a production line to be set up, for its completion. They are light and customizable.
It is very desirable as any entrepreneur testing products can print and know if any modifications are needed in the prototype.
INDUSTRIAL INTERNET OF THINGS (IIoT)
IIoT is a network of integrated devices that use sensors (such as RFID) to identify and communicate data over the internet. These include smart devices right from your TV’s, refrigerators and stoves to city based monitoring systems of CCTV’s, signals and digital awareness boards tracking traffic.
Increasingly, businesses are using this technology to track overstocking and under stocking of inventory level. Sensors such as geothermal one’s can be used to monitor number of units in the warehouse; sensors can be fit to identify the weight of a product, indicating any errors in quantity of it. Thus, IIoT as well reduces cost and provides real time valuable information.
ARTIFICIAL INTELLIGENCE
Perhaps, a known term. The simulation of human intelligence in a machine programmed in a way that it mocks human actions. It is said to be the brain of Industry 4.0 helping in all ways. Through its proper programming, it can be used in maintenance, quality improvement of a product by continuously collecting data of its performance, guide in reduction of waste and adapting to market through analysing macroeconomic data.
Siri and Google Assistant are AI. How? They keep reminders as and when we tell them, entertain us according to our inputs of our mood and even call or text the person as we schedule it. Entrepreneurs should focus on inculcating AI in their business processes to enable error-free decision making based on data.
DIGITAL TWIN
In the simplest terms, it connects real world with the virtual world. This technology creates a pair of the real asset and assists its monitoring in real time. Through sensors and various other complex components, it identifies the asset. The asset is integrated, which helps in understanding its working conditions, duration of its value and helps in knowing the problems beforehand. It can also create simulations to understand the product’s efficiencies. This way, an organisation can comprehend the situations even before applying it in the real world asset.
How could the rocket faults be understood by just sitting in the space centre as and when the fault arrives? This is when the rocket’s digital twin comes into play and help the engineers to work on its fault. Similarly, businesses can use it to ascertain its machine value without burning money on trial and error!
CLOUD COMPUTING & CYBER SECURITY
The accessibility of a number of files, anytime, anywhere in the world is cloud computing. Truly, without boundaries, it helps a management to store huge data, enabling business processes to be based on data.
The need of securing files, data and device from being maliciously used is cyber security. Globally, connectivity has increased and so have the cyber threats. This pushes the need to establish safe, secured and reliable connection to protect sensitive data of the business and the data of the consumers its serves.
“Technologies that are emerging today will soon be shaping the world tomorrow and well into the future — with impacts to economies and to society at large. Now that we are well into the Fourth Industrial Revolution, it’s critical that we discuss and ensure that humanity is served by these new innovations so that we can continue to prosper.”
Mariette DiChristina, Editor-in-Chief of Scientific American and chair of the Emerging Technologies Steering Committee
FACT:
PwC estimates that the companies worldwide are investing $900 billion on Industry 4.0 until 2020. That’s the significance of this revolution!
With these factors in the market, companies are drastically stepping up measures and spending massive amounts to upgrade and achieve economies of scale with Industry 4.0. However, entrepreneurs stand an advantage to start with these advanced technologies. Expensive but worth, reaching break-even is important but even important is the pace of getting there. Not forgetting to mention the friendly start-up ecosystem that our government is building with the most amicable policies and convenient taxation structure (no promotional content, but solely on the basis of analysis).
All you need is the right idea, adaptable approach, knowledge of the industry and the right tech!
REFERENCES
2. https://www.bcg.com/en-in/capabilities/operations/embracing-industry-4.0-rediscovering-growth.aspx
