Industry 4.0 – what is it?
My guests from OCTAVIC, a production efficiency tracking software, will take you through the latest trends shaping the future of the industry. We look at how automation and data analytics are changing the world of production and get tips on how to develop an optimization mindset.
Subjects discussed in this video:
– 4:50 How to implement a production efficiency tracker software
– 08:00 The state of the smart industry
– 10:20 How does the European Union support the transition to a digitalised industry
– 12:50 Artificial Intelligence and Machine Learning in production optimisation
– 17:17 Where is the industry heading
– 19:20 Increasing the transparency of the supply chain
– 21:15 Challenges in production
– 28:00 The impact of digitalisation and sustainability in the industry
– 32:10 The optimisation mindset
– 37:45 Book recommendations
Industry 4.0 is a term used to refer to the fourth industrial revolution which includes optimization of processes and digitalization. With optimization of processes, the industry will be able to optimize production and thus increase efficiency and profitability.
One example of optimization is the production efficiency tracker software, computer-aided systems which optimize the production process and reduce costs. In addition, machine learning and artificial intelligence are playing an increasingly important role.
Machine learning and AI can optimize production in ways that humans cannot compete with. This type of optimization is possible with the use of optimization algorithms that do not need human intervention.
Digitalization means that all information about production and distribution is digitalized. This makes the optimization of processes much easier and results in the optimization of the entire production process.
Another trend in the industry is sustainability. A sustainable industry optimizes its production processes to use as little energy and resources as possible. Sustainable production can take many forms, for example:
– optimization of production processes to require less energy
– using fewer resources during the production process (for example reducing packaging)
– optimizing the distance between producer and consumer (for example food)
Industry 4.0 optimizes the entire production process, from sourcing of materials to final distribution.
Join our conversation and wait till the end, they’ve got great book recommendations! If you found it interesting or useful, please share this conversation with others.
You can find out more about OCTAVIC here
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