Industry 4.0 in Manufacturing
Manufacturing is undergoing major transformation. The fourth industrial revolution, known as ‘Industry 4.0’, is rapidly integrating the physical with the digital; disrupting manufacturing with automation, digitisation and new materials. With automation and interconnecting machines and processes evolving business operations, it impacts products, supply chains and continually pushes manufacturers to innovate.
You can see the impact of Industry 4.0 through society’s reliance on technology, including:
- Automation and robotics
- Machine-to-machine and human-to-machine communication
- Artificial intelligence and machine learning
- Sensor technology and data analytics.
As manufacturing connectivity grows, so will the mega-data relating to how your business operates. With more data comes valuable customer insights. Currently, manufacturers operate a business-to-consumer (B2C) model. However, Industry 4.0 is shifting this to a customer-to-business (C2B) model. Giving businesses the opportunity to create personalised products and customers more control.
For middle-market manufacturers, the road to Industry 4.0 may seem overwhelming, particularly when large corporations lead the way – however, through ‘incrovation’ – or incremental innovation – and a holistic approach, middle market manufacturers can adopt Industry 4.0 more readily.
Adopting Industry 4.0
Helping you manage uncertainty
BDO’s manufacturing group helps industry players adapt. We provide business assurance, tax and business advisory services to manufacturers, distributers, retailers and wholesalers. Our clients range from entrepreneurial and privately owned businesses to publicly listed companies, both in Australia and internationally.
At BDO, our specialists provide practical and strategic guidance by helping you identify and leverage key competencies in your existing manufacturing business. With deep sector experience, we help manufacturer’s improve their day-to-day business performance, manage their risks and enable their people to deliver on 4.0 - by helping them through the process of adopting technologies and adapting their tools and cultural approaches, so that new ways of doing things become part of their DNA.
Whether it is providing strategic advice on operational efficiencies, such as supply chain review and management or reviewing distribution models and inventory management; we can assist your manufacturing business to adopt Industry 4.0 principles for continued growth and improved customer experience.
Our goal is to help our clients succeed and grow. We help address critical issues that affect the industry and your business by combining extensive industry experience and specialist knowledge; along with building long-standing relationships with clients and industry stakeholders, to truly identify and respond to the needs of our clients.
Our team of experts work together to offer a holistic approach to your manufacturing business. BDO’s manufacturing team can provide a complete range of services including:
Implementing disruptive technology is one small part of broader systemic change within an organisation. Our advisory teams can help you understand the impact of Industry 4.0 on your systems, processes and people; offering practical advice and implementing solutions in the areas of:
- Technology risk
- Risk management framework design
- Governance reviews
- Board training and education programs
- Internal audit.
- Strategic planning
- Amalgamation facilitation
- Business improvement and optimisation
- Pre-lend and debt facility reviews
- Due diligence and feasibility.
- Change management
- Leadership Development
- Culture Change
- Human Resource Effectiveness
- Performance and Reward Systems.
- Data capability assessment
- Digital strategy
- Data Analytics
- Project advisory
- Transform to Cloud
- Technology risk (security, risk assessments, resilience etc.).
- Global supply chain opportunities.
Audit and Assurance
When adopting Industry 4.0 technologies, the lines are blurred between the scope of your manufacturing business’ physical, digital and biological presence. Our audit team can help you respond to the changing landscape through robust systems and processes including:
- Financial Statement audits
- Internal audits
- Compliance audits
- Accountability code reviews
- Blockchain audits.
Cost can be a roadblock to progress, however, there are government tax incentives and grants available to manufacturers. Our tax team can help you navigate the complexities of the industry assistance available for manufacturers including:
- Research and Development Incentives
- Grants for manufacturers
- Advanced manufacturing growth fund.
Want to chat with a BDO Manufacturing & Wholesale advisor?