The technological innovations forwarded by Industry 4.0 promise unprecedented productivity and efficiency, but only for companies that can afford them. However, some of them are no longer competitive advantages but mandatory features for business survival. While big companies invest top dollar in such features, many small businesses still can’t afford them. Or can’t they?
Here are the main innovations brought by Industry 4.0 and how companies of all sizes can implement them, including small ones.
Going Smarter
Technologies like artificial intelligence, machine learning, big data, and IoT have created sci-fi-like factories. Robots work alongside humans as if they were colleagues; maintenance tasks are scheduled and operated automatically; algorithms can predict market trends; quality control can be managed by QMS Software; professionals from all over the world can collaborate in real-time.
Industry 4.0 has become a huge market, valued at more than USD 164 billion last year. The most enthusiastic companies invest nearly 10% of their budget on tech upgrades, a luxury many small businesses can’t afford. It doesn’t mean they can’t join the new industrial revolution. Indeed, solutions involving AI tools, big data, and cloud computing are getting more accessible, with many developers fighting for a share of this market.
However, the struggle goes beyond price tags. Often, small businesses lack well-trained personnel to handle such tools. Upgrading cybersecurity can also be challenging, as digitized companies are much more exposed to cyberattacks. Sometimes, they don’t even have enough connectivity to implement such technologies. Yet, they can overcome these barriers, and when they do so, they reap many benefits.
What’s In for Small Businesses
Everything starts with a well-trained staff. There’s no point in investing in digital tools that no one knows how to operate. Sharing the financial burden by partnering with like-minded companies is also possible. Above all, a mindset change is required: digital tools shouldn’t be considered expenses but investments. When done wisely, such investments can return multiplied, accelerating business growth.
For instance, there are cloud computing solutions for all business sizes, and the costs vary according to how much space they need. Regardless of storage capacity, moving to cloud-based servers allows small companies to share data and collaborate much more efficiently, increasing productivity. Cloud servers also provide a high level of security, which means they won’t need to spend much on that.
AI-powered software and big data analytics can automate processes that once required human intervention. Indeed, such tools can seamlessly handle repetitive tasks like business reports, data entry, and to-do lists, freeing employees to work on more strategic issues. AI chatbots can improve customer service by handling the most common demands without hiring more people.
Conclusion
Industry 4.0 technologies can bring many benefits to small businesses. After all, increased productivity, cost savings, and improved operations can help them step up their game. It can be costly, but the investment pays back handsomely when done wisely. Additionally, upgrades don’t need to be done all at once. It can start with small steps, according to each company’s needs and financial power.
