- Manufacturers are finding that advanced technologies are necessary to remain competitive, not just an option to improve their operations
- “Industry 4.0” represents a new industrial revolution as autonomous and smart system build on computerized and automated advances
- Strategic investments can be a difficult decision for small investors, but allow for long-term benefits
While advanced technologies such as 3D printers and robotic equipment have been around for some time, some business owners have seen them as an expensive and unnecessary option for their company. But now Connecticut manufacturers are increasingly finding that they are a necessity in order to remain competitive.
The Hartford Business Journal recently looked at small manufacturers in the state that have been adopting “Industry 4.0” technology. This term refers to autonomous and smart advances that build on the previous industrial revolution brought on by computerized and automated processes. Industry 4.0 components include human-machine interaction, analytics and artificial intelligence, and advanced engineering. This technology enables communication and information sharing between machines, allowing companies to better identify opportunities and needs.
Industry 4.0 equipment and software allows manufacturers to design and build their products more simply and efficiently. However, incorporating this technology can also be a difficult decision for small manufacturers, who must invest a considerable amount of money with the hope of reaping long-term benefits and an improved competitive advantages.
Companies must be cautious about how they upgrade to Industry 4.0, incorporating the technology into a larger business strategy instead of simply adding a new machine. There are also options for upgrading or retrofitting existing equipment, such as digital performance management that many small companies have adopted to boost their productivity.
