Industry 4.0 – the intelligent networking of machinery and logistic operations – plays a crucial rule during the ongoing pandemic. However, this development also pressures many companies to overthink their general strategies concerning digital technologies in the future.
While some corporations struggle financially and depend on financial aids due to the corona crisis, others experience a huge increase in large orders.
Now the question arises, whether the new technological methods were helpful to those companies that were able to increase their annual turnover.
According to statistics there are three possible scenarios:
Companies hat hadn’t started on their industrial journeys received a wake-up call;
Corporations that were still trying to gauge wether it’s worth investing into Industry 4.0 received an actual reality check;
Companies in which digital technologies are already very common were able to increase their profit.
Results showed that in general corporations which had already adopted new technology methods prior to the pandemic were able to react faster and better to the economic changes caused by the virus.
But lot’s of companies were also confronted with a reality check in 2020 when they realized how both useful Industry 4.0 adaptations are and how needing of improvement they are themselves in that matter as well.
Throughout the last year the understanding of a “successful scaling” regarding digitalization has changed a lot among those corporations, while they hadn’t put much thought into their implementations beforehand.
Yet, especially companies that hadn’t invested into new digital technologies are struggling to keep up with their competitors. That wake up call was strongly needed to make sure change will happen in the near future. However, progress has also become more difficult. Many corporations are facing a range of challenges, including cash constraints, access difficulties, and teams being diverted to other urgent issues. Despite those issues, most companies consider the lack of funding the greatest challenge during these times.
Especially since working from home has reached a higher significance, many associations start to prioritize agility and flexibility in operations over an increased productivity.
Agility, flexibility and manufacturing efficiency have become common priorities for all economic sectors and geographies.
The pandemic has shown how decisive Industry 4.0 has become at the beginning of the new decade. Not only does it open up more possibilities concerning working form remote places but it also simplifies organizational issues and can be used as a great source to aid collaboration and visibility for end-to-end supply chains.
Within the past years we started specializing in the legal sector of Industry 4.0. And we are pleased to offer consultation in that matter.
If further questions arise, especially regarding realizing new technological strategies, feel free to contact us: firstname.lastname@example.org