The manufacturing sector is currently saturated with Industry 4.0 (aka the Industrial Internet of Things or IIoT) hype and jargon. This is no surprise given the evidence showing that the connectivity of systems and exploitation of data can add significant value to modern manufacturing processes and supply chains. Boston Consulting Group anticipates that by 2020, the digitization of manufacturing processes, connected supply chains and new business models will add $1.3trillion to global economies.
Businesses that invest correctly and harness the enhanced capabilities offered from digitizing their industrial assets will benefit from greater insight into their business operations, increased agility at lower cost and the potential to respond to individual customer requirements in ways that will revolutionize today’s business models. It is therefore no surprise that digitization strategies are dominating board discussions.