Organizations focusing business operations may use Industry 4.0 to improve efficiency and reduce risk factor. While organizations that are focused on growth must apply Industry 4.0 to generate a brand new revenue stream. As we explore the ways in which information creates value, it becomes evitable to also understand this from manufacturing perspective to relate the cycle from physical to digital and back to physical.
IIoT combines connected technologies to give rise to Industry 4.0 with both Information and Operation Technology. Sectors like manufacturing, robotics, artificial intelligence, cognitive technology, augmented reality would come together and drive IIoT. Industry 4.0 extends these connected technologies to complete the physical-digital-physical cycle.
Industry 4.0 Transformation in Chemical Industry
The advancement of Industry 4.0 in chemical industry is yet at operational level due to lack of sensors that would detect historical data collected by the chemical factories over the years. The potential of Industry is at par, if not more efficient, but all these applications take time to develop. Efficiency and productivity of chemical plants can be drastically improved by smart manufacturing techniques.
Improved Business Operations
The business operations can be improved by increasing productivity and reducing risk. Process control and smart techniques can be used to increase the productivity of the chemical plants. While risks can be reduced by managing supply chains and in-house operations that respond to the quick customer requirements and also improve security and quality.
Also known as smart manufacturing, smart factory combines the ability of IoT, artificial intelligence with OT like addictive manufacturing, robotics and advanced materials. It is nothing but joining IT and OT to improve productivity.
Supply Chain Planning
Current trends in Industry 4.0 helps chemical companies in supply chain planning by firstly improving the visibility into the supply chains, and then, by predicting the demand patterns.
Sensors and connected devices help to improve visibility in the supply chains to reduce risks. And latest analytics tools can help the industry to predict demand patterns that can align the supply chains and operations accordingly.
Developing New Products to Expand Revenue
R&D is one of the most critical phase in the value chain; It depicts subsequent improvements and manufacturing details. R&D sure demands heavy investment. And that is the reason chemical companies are looking for big data and other tools to predict the outcome of investment. For example, in material genomics, advanced analytics provides researcher with data to understand the chemical components of the available materials and thereby consider optimal combinations to develop new materials with customer specific properties.