What is Industry 4.0?
Industry 4.0 is the latest industrial revolution, also known as the fourth industrial revolution. Industry 4.0 revolves around adopting technologies in the manufacturing businesses that involves automation, data and machine learning. While Industry 3.0 introduced computers, Industry 4.0 presents computers that are able to connect and communicate with each other. As a result, this allows for decisions to be made without the need for human involvement. Moreover, smart automation increases product quality, efficiency, and productivity. In addition, as smart machines gain access to more data, they also become smarter, benefiting major aspects of manufacturing.
Downtime and How it Affects Your Business
One of the most critical challenges of manufacturing is downtime. Downtime can negatively impacts companies’ revenue from 10 to 20%. Even a single minute of downtime can have harmful effects on your business. According to an Advanced Technology Services survey, one minute of downtime in manufacturing can cost up to an average of $22,000. Furthermore, unplanned downtime can cost industrial manufacturers around $50 billion annually. It is important to note that 42% of the unplanned downtime is a result of equipment failure. The cost of downtime is too expensive to dismiss lightly for any company.
Here are some negative effects of downtime:
- Potential data loss
- Stress of machines and workers
- Lost productivity and production delays
- Damaged relationships with customers, partners
Eliminating Downtime through Predictive Maintenance
With industry 4.0, comes advanced technologies that help to automate the analysis of data. The automation allows for predictive maintenance that detects potential issues before they arise. When issues are distinguished, some machines have the abilities to flag the problem for scheduled maintenance, as well as shut down the machinery to prevent accidents from occurring.
How We Can Help
NRX AssetHub is a CMMS and EAM data solution that helps companies visualize, optimize and organize their electronic information. We help our clients prepare for the fourth industrial revolution. If you would like to learn more about how you can upgrade to a smart factory book a demo.
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