In the age of speed, technology advances are exponential, but manufacturers struggle to keep pace due to high investment costs, missing internal tech skills and necessary change management when it comes to process re-engineering. In most cases, building a greenfield factory and starting from scratch seems easier to gain the necessary step forward.
Industry 4.0 promises another level of automation where machines talk to each other in order to optimize the flow of assets and the use of resources. It incorporates self-monitoring for better coordination of machines, process analysis and diagnosis of issues without the need for human intervention.
Industry 4.0 is the trend towards automation and data exchange in manufacturing technologies and processes, including physical systems, the industrial internet of things, cloud computing, and artificial intelligence. Machines don't replace deep expertise but are more efficient than humans in performing repetitive functions. In combination with machine learning, they can carry out complex tasks.
Given the potential of industry 4.0, it seems obvious to invest in smart production. As mentioned above, the risks of high economic costs, process adaptation and availability of advanced skills slow down investment plans.