THE RISE OF INDUSTRY 4.0 IN FASHION LECTRA. Often heralded as the fourth industrial revolution, Industry 4.0 is the next stage in the digitization of manufacturing’. Recent innovations have paved the way for smart manufacturing, where internet-connected machinery is used to monitor and automate the entire production process?. INDUSTRY 4.0 FOR ALL Industry 4.0 is not just about manufacturing – it concerns the entire fashion eco-system, from high-end brands to fast fashion retailers. It will reshape the entire marketplace and change how companies work and respond to customer demands. 20TH CENTURY TODAY Mass production thanks to electricity Smart manufacturing aided by big data, augmented reality, and loT 18TH CENTURY 1970s Mechanical production powered by steam Automated production driven by industrial computing THE FOUR MAIN PILLARS3 OF INDUSTRY 4.0 THE MAIN BENEFITS OF INDUSTRY 4.04 Big Data loT enables data Smart manufacturing is advantageous to all, from brands to retailers, by bridging the gap between supply chain actors and consumers. centralization and storage, allowing companies to aggregate information on their production processes and customers. 3-5% increase in overall productivity Augmented Reality (AR) AR helps companies avoid errors by enabling them to manage inventory in real time. 20-50% increase in speed to market Data Analytics Companies can anticipate trends and roadblocks 85% increase in forecast accuracy Digital to Real Life through data analysis, which accelerates With additive decision-making. manufacturing (3D printing) and robotics, companies can now produce faster, thanks to high-speed prototyping. 10-20% decrease in cost of quality 20-50% reduction in inventory cost Sources: 1) McKinsey&Company – 2) loT Agenda – 3) Technofashionworld.com – 4) McKinsey&Company Smart manufacturing technology makes it possible for companies to achieve full supply chain transparency. By having process visibility, they can now adopt different business models, improve operational efficiency, and produce in larger volumes. NEW OPPORTUNITIES IN FASHION This gives rise to several business opportunities in the sector: MASS PRODUCTION MASS PERSONALIZATION With more connected machinery, there will be a decrease in production costs due to big efficiency gains for companies. Thanks to loT, companies can now produce personalized goods in large volumes while staying profitable. By being able to produce multiple small-volume series, companies can Entreprise-wide transparency gives companies the flexibility to adjust their supply- chain mechanisms offer their customers a wider variety of styles. according to individual needs. AGILE PRODUCTION MADE TO MEASURE CASE STUDY Amazon is taking over the fashion world by storm, thanks to artificial intelligence. The e-commerce company is currently developing machine-learning techniques to analyze images from Amaz social media for: 1. Providing fashion advice to online shoppers. 2. Designing and producing new items based on current trends. Now that’s avant-garde. Source: MIT Technology Review HOW TO PREPARE FOR INDUSTRY 4.0 1 Expand your tech ecosystem. Educate your staff. Digitize your supply chain to achieve enterprise- wide transparency by connecting systems, processes, and people together. Your staff needs to know how to manage your newest technology assets. They can upgrade their skills through training sessions led by industry and technology experts. Invest in solutions that give you flexibility and agility. 4 Keep an open mind. 2 The technology industry is constantly evolving. By keeping a lookout for new innovations, companies are able to choose solutions that best fit their needs. Your business needs evolve as your company matures. Invest in solutions that are modular and scalable so you can adapt easily to change. THE RISE OF INDUSTRY 4.O IN FASHION LECTRA.
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