Industry 5.0

The Future of the Industrial Economy

Uthayan Elangovan

• Publisher: CRC Press
• Year: 2021
• ISBN:
  9781000484663
• Edition: 1
• Topic: Technology & Engineering
• Subtopic: Industrial Engineering
• Index: Technology & Engineering

Technology has created innovative new prospects for manufacturing industries with Industry 4.0 and has helped further the growth of the manufacturing sector. This book focuses on the next stage, which is Industry 5.0, and the steps in taking automation to that next level by increasing processes and operational efficiency, as well as reducing workforce size.

Industry 5.0: The Future of the Industrial Economy discusses the integration of product, process, machine, software, and industrial robots in realizing Industry 5.0. It covers the dual integration of human intelligence with machine intelligence and reviews the results of making use of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI). The creation of a new category of robots named Collaborative Robots (Cobots) specifically designed to speed up the manufacturing process and profitability is explored. This book also explores how to reduce waste in product design through the manufacturing process and offers more personalized and customized products for customers.

Manufacturing, design, industrial, and mechanical engineers, as well as practicing professionals, will find this book of interest. Management executives, CIOs, CEOs, IT professionals, and academics will also find something of value in this book that takes Industry 4.0 to Industry 5.0 and beyond.

1Industrial Transformation

DOI: 10.1201/9781003190677-1

Manufacturing industries around the global village are on the threshold of great opportunities that promise extraordinary development and transformation of their business through smart products and smart manufacturing, enabled by cutting-edge technological innovation. Industrial sectors sell their products thorough complex processes such as research, design, development, manufacturing and service. Every product manufacturing segment has unique challenges that cannot be tackled by a one solution that fits all requirements. Manufacturing enterprises perennially encourage the development of science and technology and adopt a variety of approaches to transform their businesses, thereby constantly seeking new ways to upgrade and distinguish themselves from their competitors.

Digitalization has heralded a new paradigm in manufacturing, where manufacturing facilities are transformed to be extra modern and advanced. Consequently, this arouses concerns in the minds of business tycoons: will the emerging technologies take control of the manufacturing production line of futuristic factories? In a world of burgeoning modern technology, many manufacturers stand to gain much from automation, if the circumstances are exploited right. Taking automation to the next level can be a huge advantage for the manufacturing industry. Advanced automation can help reduce a holdup, reduce production expenses and enhance product quality.

Industrial sectors are reshaping their competitive landscape and steering in to a new era of growth, change and economic opportunity. Every organization requires their employees and machinery to do their jobs with greater efficacy and proficiency while managing operations, designing products as well as establishing intellectual property throughout the globe. The ultimate objective of industrial transformation is to achieve a better quality of product and service for the customer. Current business systems, including computer-integrated manufacturing (CIM), product lifecycle management (PLM), enterprise resource planning (ERP), manufacturing execution systems (MES), programmable logic control (PLC) and supervisory control and data acquisition (SCADA) along with Industrial Internet of Things (IIoT), are now being utilized to ensure that a superior user experience, quick time to value, integration of information and easy access from anywhere across the globe are realized. Innovation is making an impact on every stage action from product design to manufacturing.

Today, manufacturing industries are developing techniques for combining new innovations to improve their efficacy and performance, the leading concept behind Industry 4.0. It is essential to closely assess the elements of the business, from client connections to reshoring options and likely a lot more. Robotics has emerged to become the mainstay in production, and, Industry 4.0 innovations offer greater versatility in manufacturing processes. Manufacturers can also introduce new automation and artificial intelligence-assisted effectiveness to their enterprises. Heralding the next industrial transformation calls for the adoption, standardization and execution of new technologies, which requires its very own framework as well as advancements.

Business Transformation

Business transformation is a strategic initiative on every business leader’s campaign to remain competitive, which consists of workers, processes, as well as innovation to achieve measurable enhancements in effectiveness, performance and complete customer satisfaction. Organizations that continuously adapt are driven by a keen vision to redesign their future via transformation. An improvement is a major change in an organization’s abilities and identity to ensure that it can deliver valuable outcomes, pertinent to its objective, which it could not accomplish previously. Business transformation is more defined by a high level of passion of the organization as a substantial space that should be linked in between the current and future enterprise path. It represents an essential enhancement in the present business operations. A robust commitment to value expansion is an effective directive for identifying the efforts that will certainly have the best influence on an enterprise transformation road map and also for understanding its prospective worth for investors.

Among the successful business change instances is Apple – from being a producer of computer systems, Apple has slowly taken place to customer devices. Experts say the shift has been smooth. After the launch of iPod, Apple changed from being a hardware and software supplier, to the domain of customer electronic devices. With the launch of iTunes Music store, Apple became a media business.

(Gupta and Perepu 2006)

FIGURE 1.1 Simple transformation process.

Long Description for Figure 1.1

Manufacturing operation process is an activity that takes with three key resource inputs, which then transforms and adds value to the process and provides outputs for customers. Any feedback from the end customer will be fed back to the input resources forming a continuous improvement. Transformation includes the task carried out by the cross functional team.

Service improvement needs to consistently be a step in the right direction for a thriving business. Because of this, business transformations need to aim at making inroads in to entering a brand-new section of the marketplace, adding industrial value to the business, improving the efficacy of the manufacturing processes and making best use of the available resources. Business advancement aspects differ for every manufacturing enterprise. This is because every enterprise has their own strength to leverage and difficulties to deal with. The path toward business transformation is never easy, as it is fraught with challenges. Irrespective of the nature as well as the objective of the transformation, all enterprises can anticipate significant resistance to change. For a successful tranformation, the management must dare to take risks and must be steadfast and meticulous in its execution. The success of a business transformation squarely built on the ability of the enterprise to adapt to change in strategies often determined by market change, disruptive needs and tactical direction. The ability of the management to overcome these obstacles is one of these the crucial success variables.

Key Elements of Business Transformation

Manufacturing industries need to direct their attention from mere survival to seeking new methods to grow. Considering globalization and the fast pace of today’s business, there are no quick fixes for simplifying business intricacies. Globalization has made it hard to keep organizational frameworks simple. Today’s multinational businesses have thousands of employees, numerous organization companions and substantial operations spread across the globe. Following an appropriate enterprise organization structure and also operating model is an ongoing battle.

Few questions that can help manufacturing industries to understand the need for business transformation are as follows:

1. How pleased are the clients with your product and service?
2. What are the different ways to enhance client experience?
3. How to prosper in the current smart and connected competitive world?
4. How would certainly financial investments in technology improve the experience?
5. How can success be determined?

Manufacturing industries cannot transform successfully unless their individuals within the enterprise transform; majority of the transforming initiatives fail because enterprise overemphasizes the tangible side of the transformation. Business transformations within an enterprise impact the monitoring of operational settings, interfere with the cultural norms, modify service procedures and capitalize on new modern technologies. Some examples of buissness transformations in industrial sectors are as follows: organization transformation, technology transformation, business process transformation and industrial transformation.

Organization Transformation

Organization transformation is a basic, enterprise-wide change impacting how a company is run while focusing on augmenting its efficiency and proficiency. Organization transformation is a term that refers collectively to activities such as reengineering, revamping and redefining organization systems, and it happens in response to rapidly changing demands and the compulsive need to improve the enterprise’s efficiency along with sustainability. It shows the measures adopted by the business leaders to steer the business successfully into the future and to achieve the desired result. However, if the company perceives delays in its quarterly reports, it might have a much more substantial issue on its hands. As every business experiences cycles of development along with change, this is an oppurtunity to analyze the performance of the company and prepare a strategic plan for its future. What is required is an alternative procedure that companies can utilize to help them incorporate as well as implement changes throughout the organization.

Google achieved organization transformation by developing hi...

Table of contents

• Cover
• Half Title
• Title Page
• Copyright Page
• Dedication
• Table of Contents
• Preface
• Acknowledgments
• Author
• List of Figures
• Abbreviations
• Chapter 1 Industrial Transformation
• Chapter 2 Engineering and Manufacturing Transformation
• Chapter 3 Technological Innovations of Industrial Revolution 3.0 to 5.0
• Chapter 4 Transformation in Automotive Sector
• Chapter 5 Transformation in Hi-Tech Electronics Industrial Sector
• Chapter 6 Transformation in Process and Industrial Manufacturing Sectors
• Chapter 7 Upgradation of Industry 4.0 to Industry 5.0
• Index