The fourth industrial revolution, or Industry 4.0, dawned upon the enterprise sector faster than any of the prior industrial eras (steam, electricity, and computers). Yet, excess wastes haven’t escaped the balance sheets. The zest to predict industrial waste and keep it to a minimum is one of the promises that industry 4.0 — driven by predictive analytics — holds.
Despite the automation hangover (Industry 3.0), manufacturers are proactively attuning their processes into smarter ecosystems. According to the PWC Global Industry 4.0 Survey, industry 4.0 could potentially bring cost reduction up to 3.6% p.a., amounting to USD 421 billion globally.