Image Source: Startus Insights
Scene 1: It is 2007, and Ana Marie needs to buy cosmetics. She goes to the nearest mall and makes her purchase.
Scene 2: It is 2016, and Ana Marie needs to buy cosmetics. She buys the items she needs on her smartphone.
Scene 3: It is 2020, and Ana Marie needs to buy cosmetics. She buys the best selling item based on app analytics and tracks the delivery using her smartphone, all from the comfort of her home.
Fast Moving Consumer Goods Companies are in the midst of a transformation, unlike any before in their history, and the development of consumer buying behavior is rapidly changing over the years. FMCG operations have been less of a focus for their digital efforts, but recently, companies have started to explore the use of digital solutions in manufacturing processes. FMCG companies have begun to capture value by applying digital tools to their operations. Along with the advancement in technology comes with the introduction to Industry 4.0 in the FMCG industry —the digitization of the entire manufacturing value chain.
Industry 4.0 is interlinking with both the physical and digital sectors in the industry. Big Data, Digitalization, Internet of Things, and Artificial Intelligence, are the pillars of Industry 4.0 along with automation, 3D printing, and other digital innovations. A lot of companies can recognize the benefits of adopting an Industry 4.0 approach, however, companies are unsure where to start - Which aspects of FMCG can benefit most from today’s digital technologies? And what should leading-edge companies set their sights on next?
"In digital, a lot of technologies may not work for you. You may try it out, you may succeed, or you may not succeed, one shouldn’t be penalized or hauled up just because of that.”
In this article, we will discuss the key technologies in Industry 4.0 that can provide a significant effect in FMCG both individually and in combination: the Internet of Things, Artificial Intelligence, and Advanced Robotics.
New Technologies are Game Changers
Internet Of Things(IoT)- is the interconnection of assets and devices to achieve improved user experience. The interconnection between warehouses, transportation systems, logistics software, and tracks all assets and devices in real-time, are case examples of IoT applications.
Artificial Intelligence (AI)- Artificial intelligence, particularly machine learning, is one of the most important factors in Industry 4.0. Machine-generated insights will pave the way for greater precision and accuracy in decision making. While repetitive tasks can be carried out by machines and people can focus on more complex activities.
Advanced Robotics- The impact of robotics, has been felt strongest in the FMCG sector, where high-speed conveyors, ‘pick and place’ arms, and other applications complete processes faster and more accurately than manual labor. Robotics and automation technologies result in shorter cycle times while achieving better floor space utilization and higher levels of productivity.
Fourth Industrial Revolution technologies are not only changing the FMCG ecosystem but also transforming the world of work. Other companies have already scored big wins by adopting the Industry 4.0 approach. FMCG companies with the right insights and into emerging technologies will gain a powerful competitive advantage and become an industry leader.
Webcast Technologies Inc. is an information and technology company known for innovation and integrated positioning solutions. WTI can help in assessing your use case by doing a technical deep dive into your operations and identify what type of Industry 4.0 technology should be used. Email us at firstname.lastname@example.org to learn more.
Source: Life @ Mi Blogs, Startus Insights