The business landscape changes daily and with that comes new “buzzwords.” You know those ones that really bug you – those where you kind of know what they mean, but they can mean lots of things and different things to different people. One such word is “servitisation.” This term captures so many of the other current industry terms and buzzwords around Industry 4.0, digitisation, IoT, mobility and much more. What is needed is a focus on the data, the foundation of servitisation, and how to extract value from that data quickly through an “analytical life cycle.”
The level of complexity, speed and detail in modern manufacturing processes has become almost impossible to manage via manual or human effort alone. Assistance from technology and engineering have been prevalent since the introduction of the steam engine, but as we navigate through the Fourth Industrial Revolution (Industry 4.0), artificial intelligence (AI) is becoming a common theme. When we apply artificial intelligence or machine learning to the manufacturing process, what do we mean? This is about understanding data, extracting insight and learning from the outputs.