Paving the way for Industry 4.0 in Asia with IoT

With the advent of Industry 4.0 or the Fourth Era of Industry, the evolution of Cyber-Physical Systems (CPS) has come up. CPS comprise of smart devices and storage mechanisms which allow the exchange of information independently. CPS also activates the task performed, while regulating the other tasks autonomously. This information exchange involves a technology called the Industrial Internet of Things (IIoT), wherein multiple sensors can work simultaneously and transfer the information to some Cloud server which further analyzes the data after developing some prognosticative models based on the data received. This process helps in the manufacturing of products, supply chain, as well as the management of materials by the industries. The transformation from Industry 3.0 to 4.0 was a boon as the autonomous working of various machines without human interference, was definitely the need of the hour. Newswire has successfully predicted that the Industry 4.0 will globally reach $214B by 2023.

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Asia: The Manufacturing Hub of the World

Asia is known to be the manufacturing hub of the globe. Many western businesses have relocated their manufacturing activities to some Asian countries to cut down the cost of labor. Therefore, Asia can be a strong driving force for the Industry 4.0 revolution which is simply the industrial IoT. Countries such as Singapore and China are embracing these connected devices. Bringing the potential of automation, these devices could increase productivity, reduce wastage and subsequently deliver better products and services. China’s expertise in manufacturing is indisputable, producing 90% of the world’s computers. In addition, the country has become a global innovation hub, especially in the hardware sector. To overcome the eminent problems faced by these Asian countries in designing IoT products, some startups have created a unique marketplace for IoT’s hardware components, thereby, enhancing the transparency as well as the reliability of the components being bought. The marketplace is powered by a token system and adopts an ‘open often’ model where sellers can be on-boarded quickly to offer wide variety of products. Many other startups involving IoT have found a thriving ecosystem based in China, which enables them to refine ideas, create prototypes and manufacture their products at reasonably low prices. This ecosystem houses the entire hardware supply chain.

A Looming Disruption

Nothing else focuses minds like the potential of a looming disruption. The sole attention of the Manufacturing Technology Asia (MTA) in Singapore has chiefly been on the Fourth Industrial Revolution, which is the Industry 4.0. This long-mooted transformation of the manufacturing sector comes primarily through the sectors of IoT, automation, and robotics. Manufacturing is undergoing a digital transformation across the entirety of Asia. As technological advances bring about greater connectivity and optimization throughout the value chain, it is important that industry leaders and technology enablers share their knowledge and digital success stories. This will be essential when it comes to helping businesses across Asia accelerate their own digital transformation with regard to their processes, business operations, and services. Only in this way will such companies become more flexible and agile, while being better-positioned for rapid future growth. Records say that Industry 4.0 is likely to give companies a 200 percent or more increase in productivity, while also delivering a 30 percent reduction in overall energy costs. At the same time, it will deliver products that are likely to last up to 30 percent longer.

Conclusion

A more governmental perspective on Industry 4.0 came from Singapore’s Senior Trade and Industry Minister; Sim Ann. She quoted, "A number of advanced manufacturing technologies, including additive manufacturing, industrial IoT, and robotics, are not only changing the way products are created, but also causing a rethink as to how supply chains should be managed and how value chains are to be defined in global terms. Ultimately, this will enable the vast majority of companies, both large and small, to benefit from significant productivity gains.” Asia is, therefore, the factory of the future of Industry 4.0.