If you’re involved in the manufacturing industry, you’ve likely heard the phrase “factory of the future” before. It’s a concept that’s largely designed to automate and optimize performance and reduce operational overhead costs. And when it’s performed well, safety, quality and productivity also greatly benefit. In this post, we’ll take a closer look at the concept of the factory of the future and Industry 4.0, how the rewards of successful implementation can significantly outweigh any upfront costs or challenges, and how it improves safety, quality, and productivity as a result.
Manufacturing Needs to Move Forward
Though every worksite is different, according to the ASQ, the manufacturing industry is projected to have the most to gain when its organizations adopt digital technologies. Better yet, further studies indicate that manufacturing workers are eager to adopt said technologies. In fact, according to Deloitte, about half of all surveyed workers are willing to learn and use new technology if it helps them perform their jobs better. A global study by Accenture states that nearly 85 percent of all industry executives are planning to invest money into getting their workers more connected. Furthermore, those who had already invested in equipment and technologies to do so have reported improvements in worker safety and productivity, not to mention decreased operating costs. Bottom line: There are benefits to moving any industry forward, and ushering in the factory of the future can have a significant payoff when it’s done right.
Major Benefits from Adopting Industry 4.0
It’s no secret that Industry 4.0 can provide the opportunity for significant culture change and growth within a business. Here is just a snapshot of what your manufacturing firm will gain by adopting Industry 4.0 technology:
The Factory of the Future for Safety
From the shop floor to a remote worksite, incorporating smart sensor technology and other Industry 4.0 automated technologies (i.e., wearables) only goes to improve worker safety by providing early warning of potential hazards. These technologies don’t just help keep workers safe, but they can also help supervisors streamline job safety assessments and identify risks. Additionally, safety supervisors can proactively collect and analyze safety data to view and study leading indicators that highlight areas where safety can potentially be improved. The result? A safer overall workplace with proactive efforts. Furthermore, it’s a workplace your team is comfortable and confident arriving at and working at each day.
Improve Quality and Reduce Cost of Quality (CoQ)
Improving quality and reducing the cost of quality, or CoQ, is something executives like to talk about. But talking the talk and walking the walk are two different things. The good news is that there’s a way to do both — but it starts with implementing Industry 4.0 quality initiatives. According to firms surveyed by ASQ, only about 16 percent have already implemented such initiatives.
How much of a difference can an improvement in quality and reduction in CoQ make when it comes to a firm’s bottom line? When you consider that many organizations have a CoQ that’s up to 40 percent of its sales revenue, it has the potential to be significant. Poor quality can range anywhere from 10 to 15 percent of sales revenue, which isn’t ideal. What is ideal? It’s a company that can deliver a high-quality product at a low CoQ.
By monitoring conditions on the shop floor in real-time, a firm is better able to ensure that proper procedures are followed, workers are properly supported, and products and solutions meet the high quality standards that your organization strives for.
The Final Result: Increased Productivity
The big winner in embracing the factory of the future is productivity. Less time is wasted on tedious paper-based processes and functionality is streamlined based on smart, data-driven decision making. Data is live and always being assessed and analyzed, so much so that it’s often up to the second. As a result, productivity is enhanced and downtime is reduced. And being that time equals money, you should also see your profits improve as well.
Contact Anvl Today
If you’re looking for a platform to gain the crucial insights to help usher in the factory of the future, look no further than the one-platform solution offered by Anvl. To see Anvl in Action, click here and contact us today.