The start of a new year is the ideal time to look towards the future. Self-betterment is by no means specific to the month of January, but making New Year’s resolutions that focus on positive change is a common tradition. Maybe you plan to make goals for your business, and you want to identify areas of weakness that can be improved and ways to capitalize on your strengths. It’s time for you to make the most of your data.
Industry 4.0 and the importance of data
There’s a lot that’s happening to bring in the next chapter in industry, but data is one of the marquee traits of Industry 4.0. We’re living in the information age, and the fourth industrial revolution is all about capitalizing on data and information.
This includes information about manufacturing processes, inventory, consumer demand, and every single aspect along the supply chain. Acquiring this information isn’t the problem. We have the technology in place to collect massive amounts of data. To truly embrace Industry 4.0, manufacturers must not only collect data but also put that information to use.
Data that isn’t used is useless
You’re missing out if you’re not using all of the information that you collect. This may seem painfully obvious, but many manufacturers still aren’t making the most of the information at their disposal.
Data and information is crucial for Industry 4.0. You can’t just collect a mountain of information and expect it to magically make your business better, though. Like a pile of treasure beneath a sleeping dragon, that valuable information is completely worthless until you use it.
More often than not, however, stockpiling data isn’t a conscious decision. Manufacturers aren’t choosing to save their valuable information for a rainy day. They simply don’t have the appropriate systems in place to capitalize on their data caches.
This is slowly changing, though. AI and automated systems are improving, and we’re seeing the dreams and visions of Industry 4.0 start to take shape. But while Industry 4.0 is focused on information and digital systems, you still need to have your physical systems in order.
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