As the world of Industry 4.0 is vastly progressing, many small to mid-size businesses (SME) must keep up with the rapidly changing industry. SMEs are trapped in between embracing the wave of the fourth industrial revolution and maintaining their operational cost.
Whilst most SME businesses are aware of Industry 4.0, they are not yet sure how crucial it is going to be for their businesses and unprepared for the investment of sending their staff for training. To move forward and towards Industry 4.0, SME manufacturers need to access the technology and business support to help bridge the skills gap, enhance and increase research & development spending.
Industry 4.0 is about assessing what you can do to improve your production and delivery schedule. It is unlikely that SMEs will completely go through a digital transformation within a short space of time, but the key to Industry 4.0 is an evolution, not a revolution. Understanding where there are opportunities to make investments for transformative improvements in your business and what is needed to make those transformations is necessary in successfully going digital.