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However, Industry 4.0 principles have been investigated by several aerospace companies, and technologies have been developed to improve productivity where the upfront cost of automation cannot be justified. One example of this is the aerospace parts manufacturer Meggitt PLC's M4 project. [71]
The Ministry of Economy, Trade and Industry in South Korea announced on 10 March 2016 that it had aided the construction of smart factories in 1,240 small and medium enterprises, which it said resulted in an average 27.6% decrease in defective products, 7.1% faster production of prototypes, and 29.2% lower cost. [22]
Work 4.0 (German: Arbeit 4.0) is the conceptual umbrella under which the future of work is discussed in Germany and, to some extent, within the European Union. [1] It describes how the world of work may change until 2030 [2] and beyond in response to the developments associated with Industry 4.0, including widespread digitalization. [3]
Incorporating modern CNC equipment in new manufacturing processes requires better trained employees with more exacting skills than were previously required in heavy industry. [6] Past manufacturing job consisted largely of physical labor and worker assembly line requirements, but in response to technological evolution are becoming tech-savvy ...
The term 'learning factory' was first coined in the US in 1994, when the National Science Foundation (NSF) awarded a consortium of the Penn State University. Industry-related design projects have been supported on a 2000 m 2 facility with machines, tools, and materials. Real problems of the industry could be solved in a realistic environment.
A digital factory uses digital technology for modeling, communications and to operate the manufacturing process. This arrangement of technology allows managers to configure, model, simulate, assess and evaluate items, procedures and system before the factory is constructed.
Economists may regard the manufacture of vehicles as a foundational industry and as a bellwether industry. [1] In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. [2] For example, one might refer to the wood industry or to the insurance industry.
Society 5.0, also known as the Super Smart Society, is a concept for a designed society introduced by the Japanese government in 2016. [1] The plan aims to integrate technologies such as artificial intelligence into a preexisting society.