Innovation is already on the spreadsheet planners of most major industry players.
Industry 4.0 may be defined as the ongoing digitisation of manufacturing, sometimes referred to as the “smart factory”. While mechanisation was the driving force behind the first industrial revolution, the second wave involved mass production and the powering of the assembly line by electricity. The power of the computer and computer automation was the next big technological jump, of course. This so-called fourth revolution centres on artificial intelligence, cognitive computing or machine learning, and autonomous virtual systems of process and human interaction.
Embracing Industry 4.0, and being open to emerging technologies, holds the key to transforming manufacturing capability and overcoming the many challenges manufacturers must face. Manufacturers have traditionally been slow to react to the emergence of digital technologies, but “innovation and digital transformation” are already on the spreadsheet planners of most major industry players. It’s worth noting that the word “innovation” has a long history. It actually originated as early as the 13th century, used to denote the promotion of “newness”, but at the height of the first industrial revolution, the term was adopted by the new pioneers of engineering to describe the process of technological invention.
CRM and its developing interactions are viewed as crucial to manufacturing survival
Today, the distinction between the terms ‘invention’ and ‘innovation’ constantly blur, and a radically reconfigured understanding of innovation takes place when companies harness invention to the construction of a process of change. Simply, innovation is now the process itself. The ongoing process of innovation technologies, such as CRM, actually began more than 40 years ago. Worryingly, many businesses may still be running legacy ERP systems from the 1990s set up for company / departmental processes, rather than designed around the customer. The latest generation CRM and ERP systems - designed for maximum 360 customer centric interaction at all touch points - continues to be incorporated into current realtime strategies. Attend Fullscope's webinar Top 10 trends in manufacturing and how they impact you December 12th, register HERE
Right now, Industry 4.0 is changing manufacturing, digitising every aspect of operations and the supply chain, from equipment and product design, production process improvement, and ultimately, monitoring and enhancing customer experience, also known as CX. Customer experience and the elevation of “service excellence” is arguably one of the biggest paradigm shifts in the development of CRM, and its developing interactions are viewed as crucial to manufacturing survival. The view from the executive decision-makers’ office appears less encouraging. According to the latest Annual Manufacturing Report: “Just a quarter of respondents felt that they possessed sufficient knowledge with which to evaluate the applicability of Industry 4.0 for their business, with a full three-quarters reporting an inadequate understanding.” A further assessment of the action that manufacturers must urgently consider right now is suggested in the latest Edgewater Fullscope Whitepaper. Download here