This is the fourth in a multi-part blog series that focuses on Industry 4.0 in the manufacturing industry.
Digitization and Industry 4.0 are opening up new cost savings for manufacturers that have to this point remained untapped. According to McKinsey, “It’s a paradigm shift from optimizing physical assets to optimizing how data and information are leveraged along the product lifecycle.
“This digital optimization builds on an end-to-end information flow—in short: a ‘digital thread’ running through the entire product lifecycle as its digital representation.” The digital thread:
Leveraging and sharing information across this digital thread allows for closer cohesion across the complete product lifecycle, even between steps where different stakeholders (e.g., suppliers or customers) are involved.
Taking full advantage of the digital thread is about making the best use of information. “Industry 4.0 technologies are similar in that they offer ways of leveraging data to unlock its value potential, e.g., advanced analytics will turn information into outcomes that help decision-makers, 3D printing converts the digital construction data into a tangible work piece and predictive maintenance uses captured information to schedule the ideal maintenance times,” reports McKinsey. “A case example from the oil and gas industry shows that companies are currently losing up to 99 percent of their data through information leakages. After analyzing a mere 1 percent of the collected data, basically none of the results are used to drive decision-making.”
In order to identify and capture new opportunities, information needs to be actively managed along the digital thread to prevent those information leakages. Leakages in the digital thread are spots where potentially valuable stakeholder information gets lost somewhere in the value chain, causing inefficiency.
So how do we manage the digital thread to avoid such inefficiencies? According to McKinsey, the following are requirements for the creation of value from data:
(Note: For specific industry examples of the four items above, check out the full McKinsey report.)
In the next blog in our series, we will look at how activating Industry 4.0 levers will require preparation along four dimensions.
Need more 4.0? You can LEARN ALL ABOUT Industry 4.0 revolution and how MarkLogic is helping customers industrialize their data!
Also, check out previous blogs in this series:
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