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Industry 4.0 offers the ability to digitally link people, machinery and systems. But what are the challenges to digitalization, and how do manufacturers overcome them?
New research from Siemens identifies six key challenges for manufacturers to a successful transition to Industry 4.0 and how to build a practical plan to access the benefits that come from being a digtalized, automated organization.
Digital transformation is no longer an option: it’s an imperative. Finance from Siemens enables manufacturers to drive digitalization.
The top two major obstacles to a successful transition to Industry 4.0 are digital skills and access to finance for the scale of investment.
The highest-ranking issue was digital skills. Three key areas of digital skills were specifically identified where there is already a shortage:
The second-greatest challenge to Industry 4.0 adoption was identified as the need for access to finance for the scale of investment over time in digital and automated technology platforms.
Building a sustainable plan for Industry 4.0 cannot be reduced to a single, simplistic formula, however the research identified process, key questions to develop a plan and further insights such as:
Consider financing options and strategy development simultaneously as the first step
As a strategic first move, manufacturing organizations should seek to understand the potential access points to financing for digital transformation.
Establish concrete measurements for every phase of the plan
Measuring the return on investment from each stage of an Industry 4.0 plan is important. Without this rigorous approach, there is no opportunity to clearly evaluate success or failure from each phase.
Develop ‘digitally fluent’ leadership
A digitally fluent workforce has extends to members of the senior management who have to understand the digitalized environment in order to successfully lead an Industry 4.0 enterprise.
Enabling high-tech vendor to supply key industries with world-class machine technology
Usage-based flexible payments are tailored to adapt to project-related demands
Increased revenue derived from the new equipment covers payment, leaving customer equity and credit untouched
JTD set out to become a factory of the future and example of Industry 4.0 in France
JTD needed to increase its production capacity and improve its manufacturing quality to remain competitive
Industry finance from Siemens enabled JTD to acquire the machine tools it needed whilst preserving its financial resources
Financial solutions from Siemens can enable you to access the technology and equipment that you need in order to succeed in Industry 4.0. Get in touch to find out more about how we can provide tailored solutions for your business.