From Industry 4.0 to New Business Models

Industry 4.0 involves far more than increasing efficiency and flexibility in manufacturing through the intelligent networking of machines, systems, workpieces and IT systems. First and foremost, it involves the development of smart, connected products, which, in the view of a plant engineer, also includes the machines. And it involves the development of new, service-oriented business models that allow maximum benefit to be derived from this networking and value chains to be extended.

How can a company develop new business models and increase its value added by intelligently linking its products?

Are you prepared for the digital transformation?

Small and midsize companies, in particular, are faced with the question of how to harness the disruptive force of the Internet of Things and use it for the evolutionary further development of their existing business. Many, for example, already have products that are equipped with sensors, but they are not yet exploiting the potential offered by the sensor data.

The development of new products and ideas for the age of Industry 4.0 will have a significant impact on the future business objectives of a company. It is impossible to develop a future-proof PLM strategy if these business objectives are not known. If, in the future, a company wants for example to use digital twins to monitor its products while they are being used or to optimize future generations of products, this will affect the PLM architecture and how the PLM processes are designed. It is therefore recommended that companies first analyze their level of Industry 4.0 readiness.

Industry 4.0 New Business Models – PROSTEP