Embracing industry 4.0 revolution: trends, challenges, and readiness in Malaysia manufacturing sector for 2024 - MIDA | Malaysian Investment Development Authority
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Embracing industry 4.0 revolution: trends, challenges, and readiness in Malaysia manufacturing sector for 2024

Embracing industry 4.0 revolution: trends, challenges, and readiness in Malaysia manufacturing sector for 2024

23 Jan 2024

As part of Malaysia Madani Economy framework, the government is prioritising manufacturing as the country new growth engine.

To achieve this, it is becoming increasingly important to adopt digital technologies within and beyond the factory walls.

Digitalisation in manufacturing offers numerous benefits, including improved efficiency, increased productivity, and the ability to monitor, analyse, and resolve production bottlenecks in real-time throughout the entire business process.

Manufacturers are poised to move towards Industry 4.0 and smart factory transformations as they recognise them as key drivers for future competitiveness.

The Deloitte 2024 Manufacturing Industry Outlook suggests that manufacturers should focus on important technology adoption trends, challenges, and preparedness factors as we approach 2024.

Technology trends shaping the manufacturing industry

The implementation of AI is at the core of the smart factory transformation.

By analysing data from factory equipment, it enables robotics to automate manual tasks, reduce errors, and free up hours for employees to contribute to other areas, which fosters value addition.

Additionally, IoT-connected sensors intelligently predict machinery maintenance requirements, thus promoting connectivity across the smart factory, standardisation and a competitive edge through precise business forecasts. These cutting-edge technologies are a significant leap forward in manufacturing capabilities and a strategic step towards a more agile, predictive, and resilient industrial landscape.

Challenges and preparation for the adoption of smart manufacturing technologies

While it is imperative for manufacturers to keep up with smart factory transformations, the adoption of technologies can be a daunting step. With this, partnerships between different stakeholder groups across industries play a crucial role in the successful implementation of smart factory initiatives.

In today’s economic climate, it can be a costly process for manufacturers to invest in infrastructure, equipment, and software.

Manufacturers can explore funding options as well as scalable and cost-effective solutions such as Everything-as-a-Service (XaaS) to adopt digital transformation.

For example, Lenovo’s XaaS approach includes innovative financial empowerment programs, such as flexible lease-to-own options and adaptable loan structures designed to alleviate financial constraints and empower companies to invest confidently in their digital transformation.

This means customers no longer need to take capital ownership of the IT assets, and instead pay for what they use each month as part of their operating expenses.

The process of digitalisation may need more technical expertise for implementation.

To overcome this hurdle, manufacturers can collaborate with industry experts such as Lenovo to assist them in their digital transformation journey.

As a strategic technology partner, Lenovo can serve as a single point of contact for managing all IT infrastructure needs, from consultation to deployment and end-of-cycle service.

With their extensive expertise in the field, Lenovo can provide manufacturers with end-to-end support for their digitalisation efforts.

Ergo, it is essential to choose a technology partner with the right combination of technical experience and industry knowledge to help implement tailored manufacturing solutions that align your unique business needs.

A trusted partner will collaborate with you to offer solutions that are both suitable for the present and future.

*The writer is the country general manager, Lenovo Malaysia. The opinions expressed in this article are his personal views.

Source: NST