ABSTRACT
The rapid digitization and development of technologies has led to the fourth industrial revolution popularly known as Industry 4.0. To remain competitive, it is important for companies to assimilate Industry 4.0 and its technologies, especially within manufacturing. Industry 4.0 offers numerous opportunities, but the implementation also comes with some challenges that should be taken into account for a successful transition. The aim of this study is to create an understanding of what Industry 4.0 can offer for companies and their manufacturing processes, and what challenges and opportunities that may be involved. This study has been based on research of the phenomenon Industry 4.0 as well as data collected from semi-structured interviews with employees of an industrial manufacturing enterprise.
The result of the study suggests that firstly, the companies must have a customized strategy to embrace the implementation of Industry 4.0 into their existing structure. Secondly, it is important that all employees are informed 32about and involved in the new procedures to increase understanding as well as motivation. Thirdly, it is important that existing techniques and digital tools within the company are adapted for a transition to Industry 4.0, and they must also have a common standard to facilitate data management. Finally, if all these are taken into account, the implementation of Industry 4.0 can provide real-time information and understanding that contribute to a better overview of the manufacturing, the quality, and the efficiency. Industry 4.0 also allows businesses to create a more flexible production and provide good insight and better decision-making to have superior control over the business. Overall, it reduces energy consumption and offers companies an opportunity to potentially become leaders in the global market.
