Building Manufacturing ecosystem of Industry 4.0

Building Manufacturing ecosystem of Industry 4.0

by

Manoj Kumar Trivedi

Founder | Director | Business Mentor | Implementer

iGlobal Research and Analytics

Industry 4.0 is not about rising machine, it is more about empowering people with cognitive ability. The growing role of technology in life and business means that all types of jobs (including low-skill ones) require more advanced cognitive skills - “The Changing Future of Work by World Bank Group”. Cliff Justice, partner KPMG says : “ AI changes everything- Business models,Operational model,How works get done, How blue collars & white collars get trained”.

Many #BusinessLeaders and #CEOs come in with a mandate to transform the company—including its strategy, business model, organization, operations, and culture. Modern theories of firm strategy integrating with various analytical tools may have yielded little to no result.A transformation is not a series of incremental changes. Rather, it is a fundamental reboot that enables a business to achieve a dramatic, sustainable improvement in performance and alter the trajectory of its future. Industry 4.0 offers huge opportunity to transform the business in many ways not just to improve performance, also to be competitive in VUCA world.

Industry 4.0 connects embedded system production technologies and smart production processes to pave the way to a new technological age which will radically transform industry and production value chains and business models.

Manufacturers face changes & challenges on multiple fronts in this transformational era. Advanced manufacturing—in the form of additive manufacturing, advanced materials, smart, automated machines, and other technologies—is ushering in a new age of physical production. At the same time, increased connectivity and ever more sophisticated data-gathering and analytics capabilities enabled by the Internet of Things (IoT) have led to a shift toward an information-based economy. With the IoT, data, in addition to physical objects, are a source of value—and connectivity makes it possible to build smarter supply chains, manufacturing processes, and even end-to-end ecosystems.

While it integrates organisation vertically and horizontally, it is set to create new normal while reducing cost in mutiple fronts like- reducing labor cost, predictive maitenance, energy efficiency,logistics, designing products as per customers need to the least, it also leverages Business Leader to capture business activity on real-time basis both quantitavely and qualititatively. But the modules of Industry 4.0 does not provide any provision to deal with Life-Cycle cost on real-time basis to have competitive advantage.

Competition in VUCA world will continue to prevail under new normal of Industry 4.0. Organisations will have to leverage real-time cost of production for being competitive and stay relevant while taking advantage of current revolution with huge opportunities.

Through Engineering across value chain, being the third important characteristic of Industry 4.0, encompasses the idea that the focus in manufacturing shouldn’t just be on the production process, but also on the end product and its Life-cycle cost. This beside, predictive algorithms based on machine learning can also be used to analyze historical demand and the external factors that have influenced it, allowing companies to generate better plans and adapt to meet market demands. With the organization’s already available data, these tools can track the flow of materials throughout the value chain, allowing management to make decisions on the basis of real-time information, efficiently balancing service levels, inventory, and profitability. By simulating supply chain performance and the impact of decisions across the value chain, the tools can identify the probability and impact of risks, such as production bottlenecks, operational cost bottleneck etc and suggest ways to avoid them.

Looking beyond AI, creating value across value chain of dynamics of supply chain leveraging cost across operation weighing decision against real-time cost neutralizing macroeconomic implications at micro level of operation through rational thinking at margin is mandatory for being competitive under new normal and VUCA world.

Underperformance conundrum through,

1. Low return on cost of capital employed, and
2. Diseconomies of scale that causes higher production cost reducing margin

still haunts organizations and business leaders. It is therefore imperative to initiate cost optimization measures of entire process across value chain while utilising benefits of AI. They need to address the cost bottleneck on real-time basis.

Formulating Economic Science, Productivity analysis and Econometrics through digitization for real-time cognizance of the cost by Policy makers, Decision makers & Executors is of paramount importance to optimize cost, maximize NOPAT/Profit while being remain competitive.

As these waves of change continue to shape the competitive landscape, manufacturers must decide how and where to invest in new technolgies and identify which ones will drive the most benefit for their organizations. In addition to accurately assessing their current strategic positions, successful manufacturers need a clear articulation of their business objectives, identifying where to play in newly emerging technology ecosystems , most importantly what are the technologies, both physical and digital, that they will deploy in pursuit of decisions they make about how to win.

We, at iGlobal Research and Analytics, being SECOND-TO-NONE, offer to guide and mentor manufacturers not just to source various informations & data but also derive real-time Productivity Econometrics to navigate towards an Industry 4.0 future for optimizing operational cost, stay competitive and alter the future of its trajectory, generating revenue enduring growth.

We offer on-site Two-days educative discourse on “Economic Engineering and Econometrics” suitable for Policy Makers, Decision Makers & Executors both on in-house (corporate level) basis and public discourse basis as organised by Industry Association and interested partners.

We also help in implementation to group of interested organizations across border as may be required.

About us:

iGlobal Research and Analytics founded by Manoj Kumar Trivedi through four decades of leadership across diverse manufacturing industries, his expertise has been retained by Economic Economics Consulting Limited of Mauritius. IECL has been engaged by Govt of UK & EU for developing industries across African & ASEAN countries facilitating trade and investment, post Brexit. This beside,his expertise has also been retained by,

• PD Training of Malaysia & Australia
• City University College of Science & Technology, Malaysia
• Value Management organisation of Netherland, VDMBee
• London based incubator, Innovitas
• Wadhawani Foundation
• MSME DI, Ministry of MSME, Govt of India- Kolkata & Nagaland chapter

to name a few.

Based out at Kolkata, West Bengal, Republic of India, Manoj Kumar Trivedi, Founder | Director | Business Mentor | Implementer can be reached at trivedi.k.manoj@gmail.com, or, (91) 9433013863.