Market Insights

Industry 4.0 comes to Liverpool as BCG say U.S. “slow” to adopt

Liverpool in the UK is the latest city taking a strategic approach to Industry 4.0.  This week LCR 4.0 will launch and begin developing ideas about how to increase manufacturing in the area and address issues faced by manufacturers in the city. An event by Liverpool City Region aims to provide businesses with greater access to digital initiatives, including 3D printing. Local business owners will have an opportunity to connect with other businesses in the region and take advantage of networking opportunities to increase support for the digital revolution.

The event is due to take place on Wednesday 14th December at the Institute of Advanced Manufacturing and Technology.

Boston Consulting Group finds US manufacturers are not taking full advantage of Industry 4.0

This news comes just as U.S. research firm BCG has announced that manufacturers in the U.S. are ‘too slow‘ in their efforts to adopt Industry 4.0. When it comes to incorporating digital initiatives into their organisations, U.S. manufacturers have not yet fully harnessed the potential nor revenue that digitization could bring according to the group’s research.

BCG found that companies in the oil and gas markets and electronics are the most eager to push forward with digital enhancements. However, the research found even these sectors don’t consider it to be a vital aspect for their businesses. Many firms do however, believe Industry 4.0 can improve productivity and product quality. The forms of digitization least likely to be incorporated into business models are augmented reality and robotics with only 28% and 32% of firms respectively saying they would use them. Most likely to be used are cyber-security (65%) and cloud computing (53%). These two methods are widely used by many firms already across the globe.

Augmented reality. Image via International Digital Marketing
One vision of augmented reality. Image via International Digital Marketing

The research goes on to say that the biggest issue with making use of industry 4.0 for companies is the lack of a clear strategy about integrating new digital systems. Another major issue organisations face is finding the right talent to help introduce these systems into the business.

Robotics are widely used in medical world. Photo via WiredCosmos
Robotics are becoming more frequently used in the medical world. Photo via WiredCosmos

How BCG aims to solve lack of understanding surrounding 4.0

BCG stated in a press release that they have opened innovation centers across the US, France and Germany. The centers will include production lines and digital demonstrations. Academic as well as technological experts will provide assistance and training on all things 4.0 and get the next industrial revolution off the ground.

If the digital revolution fascinates you check out how self-driving vehicles will change the factory of the future or take a look at how we can get the next generation involved with a key component of Industry 4.0 at an earlier stage.

Featured image shows cybersecurity threats. Taken from The Cyber Advocate.