With the increase in competition and changing landscape of the manufacturing industry, organizations are constantly looking for ways and technologies to not only improve their manufacturing operations but also enabling efficient and new capabilities for the operations of the equipment they manufacture. Producing highly efficient machines at lower costs has become the norm.
• For the last couple of years the concept of “Industry 4.0” has been increasingly getting traction and so is its adoption, as technologies become widely available at lower costs. Business Cases to justify the implementation of the new technologies that enable Manufacturing 4.0 are becoming easier to put together. Applying the Industry 4.0 principles can be a double-dip for Manufacturing companies as it helps them improve their own operations and bring inefficiency in the manufacturing of customer products.
• Some of the top areas for innovation are the Internet of Things, Analytics and Machine Learning/Artificial Intelligence. The intelligence provided by these technologies makes the organizations proactive as compared to reactive, which has a direct impact on cost. Although these technologies have been around for a while and can be beneficial for almost all industries, in the case of Manufacturing they can have an exponentially positive effect.
Most of the Chemical Industries are aiming to gain long-term sustainability and profitable growth and have to focus on critical success factors, including:
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