Three factors to help lead your company through Industry 4.0
By Vincent Low
As we move towards a world fueled by data and machine learning, the way businesses operate is evolving. To combat this change and turn it into leverage, companies need to adapt to the newest industrial revolution—Industry 4.0.
Here’s all you need to know about the technologies driving Industry 4.0, and how to emerge as a leader through it.
What is Industry 4.0?
Industry 4.0, the most recent phase, is an acceleration of digital technology from the Third Industrial Revolution, with the integration of artificial intelligence into manufacturing processes.
So, what are some of the technologies behind Industry 4.0?
Firstly, we have the Internet of Things (IoT), where communication and transmission of information between these devices are facilitated by unique identifiers for efficient collection, analysis and exchange of data — all without human-to-human interaction.
Cloud computing has also taken the world by storm. By storing copious amounts of data, cloud computing offers reduced costs and flexible resources, allowing business owners to make use of economies of scale.
There’s also artificial intelligence (AI), a technology that programmes machines to mimic and simulate human behaviour. Branching off from AI is machine learning which gives machines the ability to learn from past data, with improvements made to its accuracy over time.
Industry 4.0 creates opportunities for higher growth across all industrial companies. But of course, such advanced technology means nothing if one does not know how to utilise it well.
Here’s how you can lead your company to success during Industry 4.0.
What it takes to lead a company through Industry 4.0
1. Be data-driven decision makers
Using data-driven insights in your decision-making can pave the way for many opportunities. Develop your business strategies through a methodological approach and invest in disruptive technologies to reap long-term benefits.
For instance, IoT devices in smart factories result in greater productivity and quality. Monitoring of manufacturing processes done by AI, such as our Vision Edition, rather than humans also allows for efficient and early detection of errors, which translates to lower manufacturing costs and manpower required.
2. Recognise your business’s social responsibility, balance between profit and purpose
Leaders with a clear vision for their company aren’t only driven by profit. It’s the bigger purpose that fuels them: creating products that are more socially or environmentally conscious. This in turn generates new revenue streams and improves your accountability to investors.
In line with that, Canon’s corporate philosophy is kyosei, which means ‘to live and work together for the common good’, and that plays a large role in our corporate activities. We understand that our business is supported by the development of society as a whole. This is why, Canon aims to contribute to the realization of a better society by engaging in sound and fair business activities.
3. Commit to training and growing talent
Lastly, good leaders identify the skill set their existing employees need to remain competitive throughout this digital transformation, so they are constantly motivated to reach their full potential and productivity, through cloud-based document solutions such as Therefore™ Online and more.
As Industry 4.0 unfolds before us, we will witness the merger between the virtual world and the real world. To navigate this change, you will need to stay committed to your vision, adopt a data-focused approach, and embrace workforce development. With this, your company will be able to create a seamlessly-connected ecosystem enhanced by smart digital technology.
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