Singapore – Are you ready for Industry 4.0?
By Michelle HoThe onset of the fourth industrial revolution – also known as Industry 4.0 where smart technologies such as robotics, 3D printing, and the industrial Internet of Things (IoT) are on the rise – have the potential to reshape the manufacturing industry and change the way factories work today.
One disruption that the next industrial revolution brings is additive printing, also known as 3D printing. 3D printing has been around for a while but we are now at a stage which experts have coined as slope of enlightenment, where every day more and more 3D printing applications are made viable. According to a 2016 Wohlers Report, the additive manufacturing industry is expected to grow from US$5.2 billion in 2015 to over US$26.5 billion in in 2021.
In future, we might live in a world where all inventories can be stored in a cloud and manufactured on-demand, without having to traverse the world in an airplane, ship, or truck to consumers – our core business could be seriously threatened.
Singapore's status as the most innovative economy in Asia, according to the 2016 Global Innovation Index1, its central location, and advanced logistics and transport infrastructure make it the ideal location in Asia for the adoption of 3D printing into the manufacturing industry.
For Singapore to continue to play its role as a regional trade hub, local manufacturers should explore the supply chain solutions offered by 3D printing. The "Virtualisation of Inventory" enabled by 3D printing gives manufacturers greater control over where and when to produce a product. Businesses can reduce costs incurred on warehousing or unsold goods left on the shelves.
With virtual inventories, businesses can adopt a distributed supply chain – producing smaller quantities closer to the point of consumption – which allows businesses to closely match supply with demand. For the logistics industry, 3D printing will act as a value-added complementary solution, offering businesses greater flexibility and speed for prototyping and end-of-life production when 3D printing is plugged into the logistics network.
Imagine the possibilities that 3D printing brings to Singapore's manufacturing industry. Design validation times can be reduced from one week to one day; functional parts can be made cheaper, lighter, and faster; and spare parts can be quickly produced without the need to keep an inventory.
It just takes a simple mindset change to move from status quo to future-proofing your business. Local businesses which are keen to find ways to integrate 3D printing into their supply chains will find strong support from the government which has invested millions to develop this technology.
By working closely with private-public partners, local businesses will be equipped with knowledge and expertise that will help them to ride the wave of change. The only thing that is left to ask businesses is, are you ready to take on the disruptions that will come about with Industry 4.0?
1Cornell University, INSEAD, and WIPO (2016): The Global Innovation Index 2016: Winning with Global Innovation