How Do I Prioritize Industry 4.0 Projects for Maximum Return on Investment?

Source: AIChE
  • Type:
    Conference Presentation
  • Conference Type:
    AIChE Spring Meeting and Global Congress on Process Safety
  • Presentation Date:
    August 19, 2020
  • Duration:
    60 minutes
  • Skill Level:
  • PDHs:

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Today, few companies doubt the benefits of Industry 4.0. Instead, they are primarily asking questions related to implementation and project prioritization. How can I start? How do I identify projects with the highest return on investment? Are we digitally mature enough to take advantage of new technologies such as artificial intelligence, machine learning and prescriptive maintenance tools? These are just some of the typical questions that come up in conversations related to digitalization.

It is relatively easy to talk about the need for a digital transformation from a high level, but when it comes to planning and executing a specific digital transformation road map, it tends to be more challenging. But it doesn’t have to be that way. Industry 4.0 has now been around for a few years, which has allowed tried and tested approaches and methodologies to emerge that can be applied to pretty much any size company in any industry.

One key element in most, if not all frameworks is prioritization. It is a critical exercise for companies in formulating an effective digital road map because it enables them to identify areas that will generate the greatest value and evaluate each of them based on specific criteria. These can then be prioritized, which will help decision-making and effective resource allocation. This may sound like a simple step but in reality, it requires dialog, involvement from several stakeholders and a framework to put it all together. Industry 4.0 is not a one-size-fits-all approach.

By attending this presentation, you will gain the following insights:

  • Basic understanding of how to identify Industry 4.0 projects
  • In-depth view of how to best prioritize them in terms of resources, ROI, digital maturity level and more
  • Short overview of specific challenges solved by means of technology that are available for implementation today
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