The Internet of Things (IoT) is a key technology in smart factories. Today, many machines on the factory floor come with sensors that feature an IP address that can connect to other web-enabled devices.
This type of connectivity makes it easier to collect, analyze and share data across departments to improve productivity. In a nutshell, Industry 4.0 allows for greater collaboration across departments and gives organizations better control and understanding of their business operations.
For instance, setting up cloud platforms gives businesses access to the latest data, processes and applications needed to run operations efficiently. Cloud-based platforms can be adapted and changed as organizational needs and technology evolve.
Similarly, AI and machine learning can give manufacturing companies a competitive edge by not only gathering valuable data on the factory floor, but also analyzing data across entire business operations.
For example, since machines are prone to breaking down, real-time data can help businesses execute predictive maintenance based on machine learning algorithms.