Today’s businesses have a host of innovative technologies and software solutions at their disposal, making success that much easier to achieve. From improving company culture and generating leads to managing expenses and closing deals, there’s a technology application designed to help nearly every aspect of business. But are you tapping into the power of Industry 4.0?
Industry 4.0 initially arrived on stage as a tech term back in 2012. But its currency and relevance today are revolutionizing entire industries in a big way. Harnessing the power of data, 4.0 technologies are transforming how companies do business. And with Power BI Reporting, you can leverage all the best benefits of Industry 4.0 for your small or medium-sized business.
What Is Industry 4.0?
Industry 4.0 is essentially the fourth generation of the industrial evolution. And while earlier versions related mostly to manufacturing segments, today’s 4.0 technologies are reaching beyond the shop room floor. This newest generation marks an even broader emergence of technological solutions, reaching all business sectors. Its applications encompass everything from revenue growth and operations to supply chain management and customer service.
What Technologies Are on The Forefront of This New Wave of Technology Advancement?
One exciting aspect of today’s Industry 4.0 is the sheer variety of innovations, some available now and others, in the works. In this article, we will explore some of these new and emerging technologies to see if any are applicable to your business model.
Big Data and Analytics
For any businesses, including manufacturing enterprises, that rely on large-scale data sets, Industry 4.0 rules. These “big data” and analytics innovations allow companies to optimize production, reduce energy consumption, and improve equipment operations. When we talk about Industry 4.0, big data allows for the culmination of various data sets from a variety of sources. With all the right numbers in real-time, leaders and managers can make critical decisions in real-time.
Autonomous robots are changing production lines all over the world. For any business looking to automate a task or responsibility with a robot capable of repetitive performance, 4.0 technologies are making this feat easier to achieve. With 4.0 technologies, robots are becoming more cooperative, more flexible in terms of actions, and even more autonomous. This is a game-changer for production bottom lines and quality control.
Have you heard of digital twin simulations yet? It’s a virtual simulation of an actual, real-world product, system, or machine. It’s based on IoT sensor-related data, and it’s bringing serious analytics to companies using it. Instead of dissecting an actual machine or system, you can virtually examine it. Digital twins are ideal for industrial use, especially for improving and maintaining equipment. According to Polestar, this digital analysis solution “shreds setup time” by as much as 80%.
Industrial Internet of Things
Consider the Internet of Things (IoT) to be the beating heart of 4.0 technologies. Most of the physical components of Industry 4.0, like devices, equipment, and robots, rely on sensors to capture real-time data. Imagine a room full of hardware and machines producing and communicating immediate metrics on their own performance and condition. Now imagine how much time and money can be saved when you can act in real-time to those metrics. It’s game-changing.
Other 4.0 Technology Innovations
Industry 4.0 innovations are making splashes in other arenas. See how revolutionary these advances are and start exploring those that make sense for your business model. These new arenas of growth include:
- Augmented Reality
- Cloud Computing
- Horizontal and Vertical Integration
Having the Right Data Changes the Game
Here’s the key takeaway—Industry 4.0 makes it possible for entire industries, including manufacturing, to capture and react to precise, real-time data. And as 4.0 technologies continue to innovate, companies like yours should be prepared to adopt and harness all that data. With Power BI Reporting, which uses dashboard interpretations of all kinds of collected data, you can apply Industry 4.0 to any segment of your business. Any business in any sector will see the benefits in its bottom line.
It Speeds Up and Can Even Automate Workflows
With the right reporting tools in place, you can leverage all the real-time data provided by any Industry 4.0 technology you’re using. Automate workflows to shave hours off of traditional processes. Preserve employee time by incorporating brilliant, data-driven solutions that speed up operations. If time is money, Industry 4.0 and Power BI Reporting can work together to boost both significantly!
It Takes the Guesswork Out of the Decision Making Process
One aspect of your company’s operations that probably drains more time than you’d care to admit is decision-making. You have chains of command and policies in place to evaluate information and data before moving forward with a decision. And while those steps all serve a purpose, they can also create bottlenecks and delays to operational output. When you’re able to tap into 4.0 technologies, along with Power BI Reporting capabilities, you can have all the mission-critical data at your fingertips and, in real-time, take all the guesswork out of any decision-making process you have.
Power BI Reporting Delivers Insight Reports
If you’re looking for ways your company can leverage 4.0 technologies, consider Power BI Reporting to be the connective glue that funnels all that data right into streamlined reports. Innovations are only as good as the tools you use to access them. The insight reports you can get with Power BI Reporting make collecting and analyzing data from any Industry 4.0 tech a breeze!
Whatever Format, Frequency, and Accessibility Level You Require
What most companies like most about Power BI Reporting is its customizability. Metrics that matter most to you might not be valuable to others. That’s why Power BI allows you to choose the format, frequency, and accessibility you need to make the most use of every ounce of data collected.
Explore Power BI Reporting for Your Business
Of all the technologies and advancements to consider, look for emerging new solutions with 4.0 technologies. Take the steps now to develop your Power BI Reporting process so you can leverage every benefit and harness every piece of data that matters to your bottom line. Connect with our team and start exploring other ways Power BI Reporting can improve every aspect of your data-driven operations! And see what other company leaders are saying about this game-changing reporting tool!