Benefits of Incorporating Industry 4.0 to Lean Six Sigma
The purpose of this presentation is to establish the relation between Industry 4.0 and Lean Six Sigma. The goal is to highlight the various benefits that may be realized by employing technological advancements such as the ones seen in Industry 4.0 like automation, IoT and the use of AI to improve efficiencies and reduce wastes, which is the primary objective of lean six sigma. In the presentation we will discuss both the pros and cons of Industry 4.0 and how Industry 5.0 may overcome any of these shortcomings. This discussion will encompass both manufacturing and service industries. This presentation will cover the benefits such as new opportunities created for skilled labor, reduced wastes such as scrap, rework and internal failures. With more consistent processes, reliability of the products could be not only be improved but also predicted more accurately. This could lead to cost reduction and the ability to pass those cost savings to the end users. On the other hand, there are drawbacks as well, such as the unemployment that Industry 4.0 could create by replacing human labor with robots, which many a times are autonomous and would need minimum human intervention. Other disadvantages may include sustainability issues that would be covered in the presentation. At the end of this presentation, the participants should be able to understand how implementation of AI could benefit their organizations and also make the decision whether this would right for their organizations.