Manufacturers are failing to harness the full potential of Industry 4.0 technology, according to a new report.
Research from Oracle surveying 700 businesses in the UK, France, Germany, Netherlands, Switzerland, China and the UAE, found that a third uses Industry 4.0 tech to remove data siloes.
The fourth industrial revolution offers advantages in things like interoperability, transparency and decentralisation, and manufacturers could be using these principles to get closer to customers, suppliers and distributors, the report states.
Four in ten have an open exchange of data with suppliers and distributors, and less than half have integrated customer data. Another 45 per cent have integrated supplier and distributor data.
John Barcus, vice president, Manufacturing Industries at Oracle, said: “It’s good to see manufacturers reaping some rewards from Industry 4.0, but there’s clearly a long way to go before investments begin to have the transformative impact they promise. Removing siloes internally is a good start, but that digital thread has yet to extend outside the organisation and throughout the value chain. Using interoperable and interconnected cloud-based systems is the easiest way manufacturers can securely integrate supplier and distributor data and make better use of customer and sensor data to manage the impact of disruptive forces.”
Less than one in five (17 per cent) have transformed their business models, and a quarter are gaining greater visibility into how customers purchase and use their product.
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