Are you ready for Industry 5.0?
The trends you need to know to shape and transform your business as the technology revolution continues.
We are currently still in the midst of Industry 4.0, where manufacturing has become "smart" through the development of AI, the Cloud, the Internet of Things, and other such systems. The basic principle behind the fourth industrial revolution was that through linking machines and other intelligent devices, manufacturers could create smart networks throughout the value chain (from materials to production) that could control each other.
If there was any doubt that the pace of technology change keeps increasing, the emergence of Industry 5.0 before many companies have fully implemented 4.0 should put the topic to rest. We're living in an era of Moore's Law—the Intel co-founder's dictum that processing power would double every 18 months. However, it's not the evolution in microchip technology that's causing such rapid acceleration in industry, it's the nature of the software. The emerging combination of big data and intelligent algorithms, often called machine learning and AI, connected by an increasingly ubiquitous mobile internet is on the cusp of changing everything, again.
It's amazing that these technological advancements continue to grow at such a rapid speed—so much so that Industry 5.0 can already be seen on the horizon, which will bring an increased human touch back to manufacturing. Therefore, where Industry 4.0 put smart technology at the forefront of manufacturing, 5.0 will encourage increased collaboration between humans and smart systems. Marrying the two will merge the high-speed accuracy of industrial automation with the cognitive, critical thinking skills of humans. Industry 5.0 is generally viewed as a new era of personalization driven by humans and machines working cooperatively together to solve problems. This is in turn a revolution of Industry 4.0 which was defined by digitization and driven by connected devices and improved software.
So in Industry 5.0, what will be the new relationship between humans and machines?
While Gartner predicts that by 2020, Artificial Intelligence will have eliminated 1.8 million jobs due to automation, they also predict that there will be 2.3 million more jobs created in their place due to the use of this technology. As you go from Industry 4.0 to Industry 5.0, you create even higher-value jobs than you did before because you're giving the freedom of design responsibility back to the human. Industry 5.0 is not about replacing humans in the workplace but about getting rid of outdated and "dead-weight" processes and using humans in much more valuable positions.
Another recent study from Meggitt shows that the workspace doesn't become smaller in terms of a manufacturing cell around the human being; it becomes bigger. The human being is given more responsibility and you end up with a bigger, lighter environment that's safer than the previous one. The manufacturing operative within the manufacturing cell starts to become more involved in the design process rather than the manufacturing process, which is automated. It allows freedom of design to work with you and enables products that are more bespoke and personal – something that customers are beginning to demand even today.
Increasingly more manufacturers are increasing the human component not only for the customization, but also for increased efficiency on the production line. One example is Toronto's Paradigm Electronics, which manufactures high-end loudspeakers. The company uses Universal Robots' UR10 robotic arm to polish the speaker cabs to a high-luster sheen, but it takes considerable time to do so. By adding a human counterpart, however, it increased its production efficiency by 50%.
The idea of collaboration between humans and robots on the assembly line is not a vision of the distant future. In fact, consulting firm Accenture recently released an outlook from a survey they conducted with 512 manufacturing execs from all over the globe, revealing that 85% of them envision a collaborative production line between humans and robots in their plants by 2020. It's quite the impressive outlook, considering that target date is just three years away.
Click on the video to see learn about Industry 5.0
It's not difficult to imagine a few other simple scenarios that are likely to become commonplace under Industry 5.0 sooner rather than later:
- Automated accounting: The digital assistant in your business software will intelligently categorize expenses and automatically follow up on invoices, freeing up valuable time for you to focus on servicing your customers and growing your business.
- Computerized customer service: : Everyone has called a large company and dealt with a computer-generated operator, this same technology is now available at a reasonable price point for small and medium businesses, allowing you to process basic requests without human intervention.
- AI-enabled sales: Much like customer service, the initial stages of your sales and marketing operation can be automated, leveraging intelligent software to identify potential areas of interest and to highlight hot leads.
- A digital assistant for everyone: Think of it as two employees for the price of one, the software manages repetitive tasks, prompts employees when to follow up with customers, organizes calendars and meetings, orders supplies, etc.
Requesting a consultation with a proven provider is the first step in getting your organization ready for Industry and Industry 5.0. The market is complicated and so is your business. You need an expert to help understand your needs and provide a plan for the future. KORCOMPTENZ can help. Schedule your complimentary consultation today and make your business ready for Industry 5.0 this year.