What is the first thing that hits your head when someone asks you about the Industry 4.0?
It is a network that combines the Internet of Things to gather data and creates real-time information. The answer is partially right, but not entirely. The media and social platforms have already concluded that Industry 4.0 completely relies on the Internet of Things. But if we turn our heads to look into the dark side, most small and medium-sized companies are not economically capable of adopting this modern form of technology.
So, Small and Medium Companies are not into Industry 4.0?
If you are not familiar with Industry 4.0, it is a combination of artificial intelligence, manufacturing technology, robotics and humans that work in conjunction with the IoT.
At a recent CNC convention, most manufacturers were flaunting their products and explaining their part in the Industry 4.0. But when we took a closer look at the matter, it was certain that most of these devices were not equipped with IoT sensors. Instead, they used API codes to connect their products to a cloud network.
Here is the bitter truth, most manufacturers are here to sell their products and make a profit. They are not here to make a contribution to the tech world, as long as things are good for them they won’t even plan to go to the next step.
More than 60% of the small and medium scale industries are happy with this technology. And, there is a little chance that they will add IoT into their system.
But, this doesn’t mean small and medium sized companies are into industry 4.0.
Why are Small and Medium companies lagging from Adoption the IoT?
Unlike large scale industries, small and medium companies do not have backup funds to change the entire asset of their business. Bank debts choke the cash flow of such organization and prevent them from stepping into the next generation of industrial trends. They are so tangled in their existing problems and only have so much time to think about technology.
And even if they make out from this life sucking abyss, most have no idea on how to capitalize IoT to elevate their production and sales.
How Can Industry 4.0 make its Presence in Small and Medium Enterprises?
Industry 4.0 has the required technology to make real-time differences. IoT is the most powerful tool in the Industry 4.0 and can create tremendous opportunities for small and medium scale enterprises. This sophisticated technology can centralize company data and provide a robust solution to streamline a company’s supply chain. Implementation of IoT is a one-time investment that will help businesses to thrive till the long run.
IoT manufacturing companies must provide insights to such businesses. The core concept of IoT should be clear to every industrialist, regardless the size of their business. IoT manufacturing companies must provide a framework to businesses by highlighting the benefits of implementing IoT. It should include all the main factors including the increase in efficiency, cost minimization, higher profit, and ROI.