What is I4.0
Success on the Industry 4.0 (I4.0) digital transformation journey demands that informed leadership oversee the development and execution of an integrated I4.0 strategy. The market is projected at a value of $152 billion by 2022.
It’s time to evaluate the market potential for your company to integrate these technologies across your value chain, from product design and manufacturing, to marketplace delivery and customer experience. It’s not just about the supply chain or manufacturing—it’s about business operations and revenue growth.
5 REASONS I4.0 IS IMPORTANT
Reduces Current Challenges: The I4.0 vision provides recommendations to address increasing market volatility, shorter product life cycles, higher product complexity, and global supply chains.
Leads to an Innovation Economy: Digital value chains improve efficiency and speed up innovations as new business models are implemented faster. Think of new businesses sharing equipment, selling excess capacity in the marketplace, or offering new products enriched by services (e.g. predictive maintenance).
Customer Centric: “Made for Me” products and machines enable manufacturers to reduce lot sizes and produce customized products without extra cost. Digitalization facilitates easier co-creation, crowdsourcing and a faster design process.
Human Centered Production: As machines become smarter, the work in production lines is enriched and humanized. Manual tasks diminish, man-machine interface improves, and workers become coordinators who ensure smooth production and intervene only when a machine calls for action.
Enable Sustainable Prosperity: Smart, innovative production can reduce energy and resource consumption and help companies to sustain their business profitability with new business models, applying new technologies to manufacture globally in high and low-cost locations near their customers.
South Carolina has developed a strong partnership with the Fraunhofer Institute for Experimental Software Engineering in Germany and its counterpart in the United States, the Fraunhofer Center for Experimental Software Engineering. These organizations, together with our research universities, have developed important expertise for manufacturing innovation. We want you to be able to take advantage of this Industry 4.0 expertise.