Operation Tools: Industry 4.0

BUS300 SLP 3: Operations Tools
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BUS300 Introduction to Operations Management
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BUS300 SLP 3: Operations Tools
The technology revolution that alters and modernizes business processes is called "Industry 4.0." It is a concept invented in Germany, predicated on the notion of real-time production systems that are networked and automated. In the past few years, Industry 4.0 has gained traction due to the growing recognition of the potential benefits gained from leveraging technologies like artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) to improve production and operations. The paper gives a brief background of Industry 4.0 regarding operations today, providing information on what the assigned company is doing to embrace Industry 4.0. The analysis will also explain why companies should follow these practices.
Background
Industry 4.0 applications are newly developed technologies making intelligent connections between people, automation, digitization, and data analysis, creating disruptive change. One of the most critical design concepts to the success of Industry 4.0 is interconnectivity. This means that all machines, devices, sensors, and people involved in the production process must interact and interlink with one another (Lavopa et al., 2021). The next step is information transparency, which necessitates collecting exhaustive data and information from all stages of the production process to provide better-informed decision-making.
Technical support is another need for Industry 4.0. There has to be an increased technical capability of systems to aid employees in making decisions, resolving problems, and doing complex or dangerous jobs. Last but not least, there is the concept of decentralized choices, which refers to one or several physical systems capable of independently making decisions and carrying out duties. This may be a complicated process, or it could be as easy as a system detecting machine overheating and turning on fans to maintain the unit at an appropriate operating temperature.
Industry 4.0 has several subcategories: robotic process automation, collaborative robots, sensors, artificial intelligence, machine learning, machine integration, data analytics, and robotic process automation. Companies use these for various purposes, like leveraging data to synchronize their supply and materials throughout the value chain using predictive algorithms (Wondering How To Start Your Industry 4.0 Transformation, 2022). Businesses can use these subcategories for other purposes as well. Combining end-to-end systems and technologies across financial and operational tasks and processes is another possibility to achieve seamless integration.
Industry 4.0 may also control unscheduled downtime, real-time asset usage, and perspective maintenance. These functions link the factory floor, helping reduce unplanned slowdowns. It is also beneficial to a corporation because it can identify electronic tasks that individuals or groups may be doing and then replace those individuals with robots. Last, Industry 4.0 can digitize data from the beginning to the conclusion of the supply chain, which may increase warehouse management capabilities. These capabilities...