Getting the most out of Industry 4.0
A new survey of global manufacturing experts explores the progress companies have made in implementing Industry 4.0, the challenges many still face, and the ways more players can unlock value.
A lot of hype has built up around Industry 4.0 over the past few years, creating awareness of the topic within many companies and contributing significantly to the rejuvenation of “good old industry” in the public mind.1Leaders remain optimistic overall, but a degree of disillusionment has also crept in, as the results of implementation so far are mixed.
On the one hand, we still see high uncertainty among manufacturers regarding what implementing Industry 4.0 really requires of them—and many are still struggling to get started (exhibit). For example, we found that only 30 percent of technology suppliers and 16 percent of manufacturers have an overall Industry 4.0 strategy in place, and just 24 percent have assigned clear responsibilities to implement it. On the other hand, most technology suppliers have moved relatively fast to adjust their portfolios given the potential of these digitization trends. And a growing number of manufacturers report substantial progress, especially when moving beyond Industry 4.0 buzzwords and focusing on valuable, business-specific applications. To get there, some companies have even renamed their Industry 4.0 projects to shake off lingering reminders of initial skepticism while keeping the elements that created true value. Read More…
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