The term Industry 4.0 (or Industrie 4.0, if you’re looking for the original), has been around since the Hannover Messe in 2011, but many manufacturers are still trying to wrap their minds around what it means for them. After all, hasn’t computing, programs, and automation been par for the course in production for years? How would this new wave of digitalisation differ?
The JPMorgan Manufacturing Purchasing Managers' Index (PMI) has steadily hovered above the 50 point mark (indicating expansion instead of contraction) in the last year. This month it has hit its highest since April 2011, at 53.5. This leaves the industry looking healthy for Q4, with many countries (including Singapore, Germany, and the United States) showing increased activity in the manufacturing sector.
How can your company get ahead of the competition, win more RFQs, get more business, and keep costs low? Well, unless your business has a very unique product, your opportunities lie with streamlining your processes and a profitable sales approach.