According to Deloitte report
, by using predictive maintenance, real-time production line reconfiguration and other ERP/MRP/PLM features, the plants can decrease the time needed to plan and execute the asset maintenance by up to 50%, which results in 20% longer equipment uptime and up to 10% lower asset and total expenses, which can save millions in the long run. Using 3D printers one can achieve faster prototyping, reducing the cost of engineering and accelerating time-to-market Product quality improvement
Automated production lines can be reconfigured quite fast to adjust the product specs; virtual simulation reduces the product development time and costs; additive manufacturing enables you to 3D print pilot models or ready products quickly to speed up prototyping. Real-time quality control enables you to insert data entry points to every step of your production cycle. This will help you check how changing conditions affect the quality of your products. All these Industry 4.0 aspects contribute to better product quality and shorter time to value. Extra revenues due to innovations
The aforementioned PWC report highlights that innovative companies from European manufacturing industries are already earning around €110 in extra revenues every year. 13% of Industry 4.0 adopters have already experienced a greater capacity to innovate
due to this new technology. Competitive edge
Industry 4.0 is not only about competing in terms of technical efficiency or product design; it is more about using the data in the most cost-efficient and lucrative way. The companies that can gather bigger volumes of relevant data and get more business insights out of them will be able to deliver digital services that will surpass anything the competition has to offer. They will know what their customers want will be able to forecast the demand and adapt to any changes proactively. Risk reduction
The MIT research we discussed above also states that automating various hazardous operations through innovative technology helps greatly boost the productivity of your workforce while reducing the risks related to the human factors, warehouse storage, logistics, etc.