Industry 4.0 is a culmination of centuries of technological evolution. We are in the 4th and most advanced phase. Despite initial challenges in implementation, most organizations have overcome this roadblock and are now easily integrating robotics, the Internet of Things, and advanced analytics capabilities irrespective of their size and geography. This phenomenon has evolved so much in certain industries that it created industry-specific versions of advanced industrialization terming them Pharma 4.0 (for pharma companies), web 3.0 (crypto), supply chain 4.0 (logistics and supply chain), etc. This evolution sets a positive precedent for industries that they can own and chart their own course of digitalization. This brings us to the question of what next?
Competitors will find ways to level the field and eventually catch up and align with the latest technologies. The onus lies on business owners to keep their eye open for the next big thing that can be leveraged to continue to maintain the competitive edge. Moreover, business focus is broadening to increase attention on value and purpose-driven models. Explore the drivers, values, and direction towards which companies can redirect their focus to define the Industry Next outcomes.
Digitalization has been at the forefront for most of Industry 4.0 transformation. The next revolution must focus on issues such as addressing the environmental effect of industrialization and finding sustainable solutions for the same. It must still build on elements of Industry 4.0, but make them more cognitive, inter-connected, responsive, sensitive, and resilient.
Quest for sustainability: Governments are incentivizing Environmental, Social, and Governance (ESG) initiatives. Any efforts to neutralize carbon footprint are critical solutions for the future and hence they will be an important driving factor for the Industry Next phase. This would mean developing more sensitive and responsive analytics that can monitor every single aspect of a business to study its social and environmental impact and set up measures to balance them. While allowing businesses to take advantage of incentives, such solutions will have a natural demand.
Reduce complexity and improve life cycles: The need for advanced solutions has forced organizations to create complex frameworks. The ideal way would be to find simpler frameworks that would then help lower the time taken for building solutions and reduce the load on systems, and in the end, have better life cycles. An effective illustration would be how real-time connectivity could be used to not just predict failures/issues but deploy measures to address them on the go, saving not just time and resources but also the stress on the system.
Build comprehensively to deliver personalization: Customers as well as employees are seeking a personalized experience. It makes them feel relatable and dependable. Industry Next solutions must therefore consider all possibilities and become diverse, equitable, and inclusive of expressions, identities, behaviors, and tastes. The best example for this scenario is an eCommerce platform that is capable of delivering products for various purposes. Generalizing the target persona to advertise products on such a platform would be counter-intuitive. What they require is a comprehensive set of pre-defined settings that can narrow down customers’ persona to customize and focus promotions that can drive better engagement and improve conversions.
Visualize beyond the horizon and build new products that serve emerging needs and remain viable for a longer period. Be the driving force behind Industry Next technology that is not just profitable but is desirable for generations to come.
Exalogic has the experience of working with organizations to ideate, innovate, and realize delivering desired results with a creative edge. Partner with industry experts that have similar interests to complement resources and accelerate the outcome.