The history of industry is one of constant innovation. The industrial revolution that began in the late 1700s was enabled by the advent of water and steam power. This allowed the start of mechanical production. Then, electric power and assembly lines heralded the era of mass production in the early 20th century. The late 20th century saw the development of IT systems that could enable a greater role for electronics and automation in industry.
I think we are at the start of another wave of innovation that will bring about a new industrial renaissance. Innovations in hardware, software, and materials are converging with digitisation to help companies become more productive and efficient, while also reducing the carbon footprints of their supply chains and products.
This is a theme that I think will dominate for many years to come, and it has been accelerated by the Covid-19 crisis.
What is the smart manufacturing revolution?
The next industrial revolution, or Industry 4.0, is already here, and, as ever, is driven by innovation. This could be innovative hardware, such as 3D printing or advanced robotics.
It could be software that enables the huge amount of data now being generated by these industrial machines to be analysed to improve operations, or to predict when maintenance is needed.
View Full Article – published by Schroders on 22nd June 2020
How #SmartManufacturing could lead to an industrial renaissance. #Innovation is going to transform #manufacturing in the decades ahead. We look at what this means for investors. https://t.co/4Ny5bacM0v #GlobalTransformation pic.twitter.com/MvzrYPvBKE
— Schroders UK Retail (@Schroders_UK) June 22, 2020