The fourth industrial revolution is pushing all the traditional manufacturing business models leveraging powerful digital technologies. As our demands are getting more complex and custom, the way the industry used to perform mass production has changed a lot in a short span of time.
Industry 4.0 in manufacturing niche is allowing the engineers to push the extreme level is complexity and creativity to offer something products with more usability perspective. The digital transformation era is at its peak and has a lot of things to offer. Let’s have a comprehensive look at how it is transforming the manufacturing sector.
Ways industry 4.0 technologies transforming the business models:
1. More technology means more business:
The fourth revolution is all about making the existing business model smart and more powerful to scale the business. The production sector is now equipped with advanced technologies such as augmented reality, AI, machine learning. This is helping them in enabling an automated and inter-connected work ecosystem which requires less human involvement.
2. Self-Monitoring systems:
Self-Monitoring is the new trend which is budding among the factories of the future. With the involvement of 4.0 technologies such as artificial intelligence and machine learning, engineers are now able to create a fully-independent self-monitoring system. These systems can provide real-time data which was not possible in the traditional models, engineer needed to gather all data manually.
3. Additive manufacturing Advancements:
When it comes to manufacturing, things revolve around 3d printing. Industry 4.0 is giving a new direction to the manufacturing companies through additive technologies. Earlier, the process of designing and manufacturing a product was a long haul and iterative process. Now, with the advancement in printing, the business model has become more agile and flexible as per the demand of customers.
4. Industry 4.0 in augmented reality:
Augmented reality is among the key players in the 4.0 transformation. AR is helping the production industries in multiple aspects. Right from providing efficient training to minimizing the chances of human error by helping workers with projected simulations, the foundation of the business model is becoming more strong. This is helping the companies to quickly expand their processes in a short span of time.
Numerous bootstrapped startups are providing ar solution in Australia to encourage industries to be a part of the fourth industrial revolution. Right from developing an AR-based training simulation systems to a customer-centric product-based application, these companies are pushing the innovation limits to the fullest.
5. Cost optimization:
The biggest advantage of being around 4.0 is cost optimization in the long run. As the systems are getting more intelligent and learning-oriented, less human involvement and training are required to run the production line up. The machines can communicate with each other, transfer data from one peer to another, send an alert in case of emergency; all these features are catching the attention of industrialists and encouraging them to optimize their business model using 4.0 applications.
These were some of the key factors which are transforming the entire manufacturing business model. We can say that this is just a beginning and we will experience more advanced applications of 4.0 in the future. If you are reading this piece from Melbourne, there are many companies who are providing augmented reality service in Melbourne to optimize your business around 4.0