Search
Close this search box.
Home / Articles / Manufacturing and Industrial Readiness Assessment 4.0/5.0 (MIRA45)

Manufacturing and Industrial Readiness Assessment 4.0/5.0 (MIRA45)

August 16, 2023

Share:

What is Industry 4.0/5.0?

Industry 4.0/5.0 represents a paradigm shift in manufacturing, leveraging automation, data analytics, and connectivity to revolutionize operations. By adopting these transformative technologies, manufacturers can unlock a plethora of benefits, from enhanced efficiency and improved quality to significant cost reductions.

Manufacturing Industry Challenges

In today’s market, manufacturers face multiple challenges that demand adaptability and innovation. Manufacturers must navigate evolving trends, sustainability requirements, and supply chain complexities while choosing when and how to invest in automation, AI, and IoT. Overcoming these challenges by adopting Industry 4.0/5.0 technologies can position manufacturers for success in the dynamic manufacturing landscape.

Manufacturing Top Concerns

In a recent survey manufacturers were asked to provide their top 3 concerns for 2023. Top results included:

MIRA45-Graphics-03

Enhanced Agility

A manufacturing floor equipped with IoT sensors and connected devices, real-time data collection and analysis optimizes production processes and benefit the bottom line.

Scalability and Flexibility

Agile production systems allow for rapid reconfiguration and customization. Adopting the right mix of Industry 4.0/5.0 technologies can help seamlessly scale production up or down and drive an increase in production capacity up to 50%.

Cost Reduction

Reduction in labor costs due to automation and robotics: up to 40% decrease in manual labor expenses. Predictive analytics in supply chain management, leading to a 25% reduction in inventory carrying costs.

 Improved Quality

Automated monitoring systems detect anomalies during production, reducing defects by up to 30% and ensuring consistent product quality.

Manufacturing and Industrial Readiness Assessment 4.0/5.0 (MIRA45)

Companies that do not adopt these technologies risk being left behind, but there are many factors to be considered and an often-confusing array of questions to answer.

The MIRA45 assessment from Clark Schaefer Consulting provides you with all the information you need to make the best decisions for your business. This in-depth assessment evaluates where you are today and supplies objective insights and prioritized investment recommendations to help you identify the best path forward as you navigate the technology maze.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

Guidance

Related Articles

Article

2 Min Read

New IRS Guidance: Tax Treatment for Energy Efficiency Rebates

Article

2 Min Read

Marriage & Tax Returns: The Benefits of Joint vs. Separate Filing

Article

2 Min Read

Not-for-Profits and the De Minimis Indirect Cost Rate

Article

2 Min Read

Tax Deductions for Home Office Professionals

Article

2 Min Read

OMB Rolls Out Updated Guidance Around Federal Awards

Article

2 Min Read

The other side in an M&A deal can lead to tax benefits for both

Get in Touch.

What service are you looking for? We'll match you with an experienced advisor, who will help you find an effective and sustainable solution.

  • Hidden
  • This field is for validation purposes and should be left unchanged.