4th Industrial Revolution with nCinga “nFactory”
“If you went to bed yesterday as an Industrial company you are going to wake up today as a software and analytics company”- Jeff Immelt
By 2020 connected and intelligent products are predicted to be the largest “user group” of the internet estimated at 50 billion devices.
World wide IoT spending will grow up to $500B by 2020. Manufacturers spent 3% of revenue on IT budgets and 10% of IT will be spent on IoT as per IDC manufacturing insights report 2014.
These trends will fundamentally change the way industries are run. The first three industrial revolutions came about as a result of mechanisation, electricity and IT. Now, the introduction of the Internet of Things and Services into the manufacturing environment is ushering in a fourth industrial revolution called Industry 4.0.
This is huge opportunity for companies like nCinga who really want to ride this wave to revolutionise the manufacturing process by helping build smart factories. Fortunately, we do not see many players actively pursuing this space in Asia. We believe we are early in the game to make a difference to Asian manufacturing economies.
Our Industry 4.0 aligned Smart factory solution, nFactory allows individual customer requirements to be met and that means that even one-off items can be manufactured profitably. With nFactory dynamic business and engineering processes enable last-minute changes to production and deliver the ability to respond flexibly to disruptions and failures on behalf of suppliers, for example. End-to-end transparency is provided over the manufacturing process, facilitating optimised decision-making. Industry 4.0 will also result in new ways of creating value and novel business models.
In addition, Industry 4.0 solutions like nFactory will address and solve some of the challenges facing the world today such as resource and energy efficiency, urban production and demographic change. It also enables continuous resource productivity and efficiency gains to be delivered across the entire value network. In view of the impending shortage of skilled workers in the region, this will allow older workers to extend their working lives and remain productive for longer. Flexible work organisation will enable workers to combine their work, private lives and continuing professional development more effectively, promoting a better work-life balance.