Smart Factory and Smart Value Chain encompass a wide range of Industry 4.0 approaches and technologies that increase quality, productivity and efficiency across manufacturing and process industries, as well as in the supply chain. By integrating Industry 4.0 and IoT technologies, the “Factory of the Future”, as well as the “Supply Chain of the Future”, will be networked, synchronized, efficient and scalable in terms of both organization and processes. They will also be able to anticipate changes and adapt to new requirements with agility. Processes, machines, employees, suppliers and clients will be connected and providing real-time data.

The systematic exploitation of this collected data, as in the context of machine learning applications, is what makes processes intelligent in the first place and ensures high quality decision-making. A high degree of automation allows extended operating times and thereby increased productivity. As such, consistent use of data technologies, assistance systems and autonomous, adaptive systems creates digitized value-added networks.

Furthermore, coupled with advanced analytics and data science, virtual/dynamic data models enable the mapping and simulation of physical objects, processes or entire networks along the product and system life cycle. These digital twins are much more than mere virtualization technology, but the key to data-based business models that enable precise predictions to be made about performance, the value-added process, weak points, material fatigue or other risks. For example, developers can change functions, test new settings and evaluate complex simulations at a fraction of the cost of conventional methods.

Industry 4.0 causes the disruption of established business models and value creation processes. But it is also the key to the future viability of production companies. The use of digital technologies in industry increases transparency, efficiency and productivity, minimizes costs and enables more flexible, personalized and autonomous production. Leading to a multitude of new production processes, supply chain design, business models and products as well as offering enormous potential.

The “Factory of the Future” is connected, adaptable, efficient and scalable.