Industry 4.0 Changing the Manufacturing & Foundry Industry
Digital transformation affects different segments of society such as governance, delivery of various services, smart cities, smart homes or transportation, and Industry 4.0 is the digital version of the industry. Industry 4.0 is the fourth industrial revolution that emphasizes synchronization of the physical world with the virtual world with never before opportunities for a productive and efficient work standard. The future will throw open opportunities for optimization at all levels of production including foundries and will see a rise in competition due to the rapid emergence of Industry 4.0 in various manufacturing segments all around the world.
Industry 4.0 can be a boon for industries that are operating in a highly competitive environment as it uses a single customized processor for complete transformation that may vary depending on individual cases.
In the digital world, It is imperative to analyze return on investments (ROI) as these technologies may not have significant relevance without ROI. Security threats are a prominent challenge during the operational phase of machinery.
One of the biggest challenges companies implementing 4.0 face is the definition of ownership of data as the industrial network of companies synchronize. This challenge has led to hesitancy on a company’s part to use new technologies.
Machine-to-machine communication is the next big step in the 4.0 space, which will help machines to operate with minimal human interaction changing the human role from operation to supervision and maintenance.
Industry 4.0 has yet to make substantial changes in the foundry industry. Technologies such as machine-to-machine communication and remote service over VPN are already being explored by businesses worldwide for quite some time now.
Customers and suppliers need to use Industry 4.0 to their advantage by suppliers striving to build the right technology and expertise and by customers understanding the potential of 4.0. The 4.0 technologies will bridge the gap between foundries and suppliers.