CEO India
Molecule Image Credit: CEO India
Molecule Image Credit: CEO India

Is The Next Big Thing In Manufacturing, The Molecule?

The manufacturing revolution at our fingertips will only be achieved through the optimisation of digital, physical and biological systems working together

Eyq And Ann Potter

The world of manufacturing is currently undergoing a transformation — commonly referred to as Industry 4.0. In this transformation, the default position for many C-suite executives has been to invest in Industry 4.0 technologies, such as artificial intelligence (AI), the industrial internet of things (IIoT), 3D printing and cloud-based platforms. The expectation that spending on smart manufacturing technologies will rise by nearly $300 billion (12 per cent CAGR) by 2023 is reflective of this fact. However, the challenge for companies will be to manage the convergence of these digital systems with physical ones, and for CEOs, it is knowing where and how to invest.

FACTORIES GET SMARTER

The idea that a “smart factory” can be achieved simply through the addition of AI and other advanced tools is simplistic. Manufacturing companies are not starting at ground zero. They have spent billions over the past few decades deploying agile methodologies, enterprise resource management (ERP), and other types of IT systems to improve process flows, improve visibility, and make on-demand production feasible and profitable. However, many manufacturers have failed to fully reap the benefit of these investments, and while technology is a tempting avenue in the pursuit of the next performance breakthrough, it may not address the fundamental issues that have prevented optimisation so far.

Part of the challenge is that business and operational


Continue Reading with Magzter GOLD Subscription

Log in if you're already a subscriber

Continue Reading This Article For FREE By Downloading The Magzter App

Magzter for iOS Magzter for Android

To continue reading on the website, Click here

Get unlimited access to thousands of curated premium story and 5,000+ magazines

Try FREE for 7 days or

Download the Magzter App and
Try FREE for 30 days


More from CEO India