What Does the Future Hold For the Supply Chain?
Nothing stays new forever. That can be said about anything from a pair of socks, to a multimillion pound factory, and everything in between. The same is true for the new technologies, processes and expectations that are currently rocking the supply chain. Getting to grips with the new way of doing things means it is an exciting time for professionals across the industry, but, it also means that now is not the time to get comfortable as more change is on the way. Yes, you read that right! Industry 5.0 is coming, bringing with it more twists and turns for the supply chain that a super-sized rollercoaster.
Industry 4.0 involves the introduction of artificial intelligence, big data capture and analysis, and unprecedented levels of connectivity, what’s on the horizon for the manufacturing sector? What is Industry 5.0, what will it look like and will industrial robots play a role?
The Robotics Industry Association have got their finger on the pulse when it comes to what happens next. They explain Industry 5.0, or the fifth industrial revolution, will revolve around the interactions between man and machine. Greater collaboration between the two is expected as cognitive computing will be better equipped to work alongside human intelligence.
Workers will need to be skilled to provide value-added tasks in production. Driving much of this trend is a wide demand for greater customisation and personalisation for mass produced goods.
Industrial robots will be a critical component of the fifth industrial revolution. While much of what defines Industry 5.0 involves a human’s ability to customize and personalise a product at a mass scale, this is only possible with advanced robotic capabilities.
In other words the ‘human touch’ revolution is already underway.
Industry 5.0 brings with it good news for supply chains as the modern consumer moves further away from bargain hunting. The traditional marketing tactic of flash sales and attention-grabbing discounts will be less effective for businesses aiming to attract customers as people are becoming increasingly willing to pay a premium for a product if they believe it will help them meet their deeper, more personal goals. This means supply chains will be able to recoup the cost of investing in the new technologies and processes they need to stay relevant in the modern world as they will be able to attract and retain customers in new, profit-friendly ways.