One of the misconceptions about the manufacturing industry is that it is reticent to adopt new technologies. This can be true for some companies as they consider the costs of upgrading legacy hardware and software, including aging operational technology (OT). But forward-thinking manufacturers understand that the costs of falling behind the Fourth Industrial Revolution (Industry 4.0) and failing to execute digital transformation in today’s economic environment can have crippling, long-term impacts to a company’s future competitiveness and viability.
The effects of the global pandemic, labor shortages and uncertain political situations around the world in recent years have underscored the need for manufacturers to be agile, resilient and able to adjust to changing circumstances. Fortunately, the technologies and the means for making the transition are available.
With Industry 4.0, new technologies—ranging from artificial intelligence (AI) and virtual reality (VR) to advanced robotics and the Internet of Things (IoT)—can now integrate digital elements into manufacturing processes, increasing automation, communication and overall output.
Embarking on a digital transformation can be a daunting undertaking, but the benefits of a successful transition can significantly outweigh the costs involved and companies must act quickly.
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SME is a nonprofit association of professionals, educators and students committed to promoting and supporting the manufacturing industry. SME helps manufacturers innovate, grow and prosper by promoting manufacturing technology, developing a skilled workforce and connecting the manufacturing industry.
