Industry 4.0: Looking forward to manufacturing’s growth in 2023

The fourth industrial revolution is already here and the smart factory is the wave of the future.

In 2023, the manufacturing sector will see an increased move toward artificial intelligence, advanced robotics and other technological advances that will improve productivity, reduce risk and assist line workers with tasks.

Becoming a smart factory

Making use of modern technologies to revitalize old plants and production models is at the forefront of Industry 4.0. This strategy not only includes upgrading the factory’s technological dexterity but also considers the workers of tomorrow and their abilities to work with that technology.

The smart factory will improve:

1. Supply chain management by allowing factory leaders to have greater insight, control and data visibility over their supply chain processes.
2. Predictive maintenance in that it uses the Internet of Things (IoT) to predict downtime in its machinery before it happens.
3. Tracking and optimization which makes it easier to keep track of inventory and assess quality control.

Modern machinery can now help manufacturers analyze data to make intelligent decisions and share information. These machines communicate with each other seamlessly to eliminate physical or geographical limitations.

Benefits of Industry 4.0

Digitalization powered by the use of software, connectivity, sensors and big data analytics, will result in leaner and more efficient factories in 2023. Other benefits include:

• Revenue gains. According to a Price Waterhouse Coopers report, nearly 50% of manufacturing companies with Industry 4.0 projects underway will see double-digit growth over the next five years.
• Reduced downtime. Machine learning helps factory management spot repetitive patterns that can lead to production failures. It identifies these problems and schedules inspections before any downtime can happen.
• Increased productivity and efficiency. Because automation frees up the human workforce from low-skilled labor, it allows factory leaders to hire more employees with advanced skills who can work with and program the equipment. This leads to a more efficient and productive factory floor.

At Ficosa, we have concentrated on always improving our products and production through innovation and new technology throughout our company’s history. We look forward to the increased safety, connectivity and efficiency that Industry 4.0 technology will bring to the factory floor.

We expect that digital transformation in factories will accelerate in 2023 and will continue to embed the right technology throughout our processes and operations. This will bring our 31 manufacturing plants and research and development facilities closer together while providing improved supply chains and sustainability in the 16 countries where these centers are located.