Mega Profits BySmart Factories

With more than half of the automobile and technology companies investing in “Smart Factories” it comes as no surprise that tech giants the world over are planning to invest into Industry 4.0.

Most companies today are focused on this new goal for success- the new industrial revolution, revolves around the mechanization and digitization of production factories. It can be created by ensuring three variables are fulfilled: visibility, connectivity, and autonomy. With also the help of Internet of Things (IoT), and less interference from humans, a smart factory would in turn cut down production time by almost half. Not only would the machines be more sentient, but it would also ensure that the machines are communicating better which each other, something that we are yet to manage in terms of mass production.

For a mid- size organization this could be a big step, since it would mean investing a significant amount into the creation of these smart factories. Not only will the initial set up consume a high percentage of their current profit, but also by the time it is fully functional, they would be missing a chunk of their profits.

But the future, seems bright. They have estimated about $160 billion as annual productivity gains. Along with that, smart factories could soon become the norm, with about 46% of automobile companies having a smart factory initiative already ready, and most of them are looking to complete their objectives by 2022.

However, with the advantage of smart factories, only time will tell if India Inchas hit the mark or not.