Important Statistics You Should Know About Industry 4.0
One of the key elements of the fourth industrial revolution – AKA Industry 4.0 – is being able to integrate more robust data analytics into the industrial process. The thought process behind this is that businesses can take advantage of this data to reach their business goals and get a better insight into their workflow to potentially add extra value. The businesses that have adopted this approach have shown promising results so far, but there’s still the question of why data have to be relegated to complex analytics processes.
With that in mind, here are some important statistics you should know about Industry 4.0 to put things into context and help you navigate the complex world of the modern supply chain.
$28 billion is the expected cost reduction for the automotive sector between 2016 and 2020 afforded by Industry 4.0. This is equal to a 3.9% reduction in cost per annum for the auto industry. There’s also an average cost reduction of 3.6% for all industries. Where is the money being saved though? Where are the costs being cut? To put it simply, the increased connectivity of Industry 4.0 inherently lends itself to an increase in efficiency and a decrease in silos. With the existing workflow integrated with improved analytics, workflows will naturally become leaner and smarter. Some of them will even become fully automated.
Find out the rest of the statistics by reading the full article on Flexis here: https://blog.flexis.com/6-important-industry-4.0-statistics-to-know