Brian Foster, Head of Industry Finance at Siemens Financial Services in the UK, considers how digitalised technology will transform the UK’s manufacturing industry and how new financing methods are key to this development.
Manufacturing is changing rapidly as advancements in new generation digitalised technology (also known as Industry 4.0) are helping to transform the production process through greater integration of physical production with digital technologies, such as robotics, software, sensors, virtual reality and 3D printing to name but a few. The connection of devices or appliances to the Internet (known as the Internet of Things) is a core pillar of the digitalisation of manufacturing, enabling manufacturers to monitor and swiftly act upon data flowing from connected people, machines and systems. These changes will allow manufacturers to innovate more rapidly and increase revenues through greater efficiency and agility.
Source: Transforming manufacturing with the Internet of Things | Industry Europe