Dr. Evangelos Theodorou
Theodorou Group Chairman & CEO
It is a fact that Industry 4.0 offers a unique development opportunity for industrial, and not only, businesses. It is a reality and it is here to bring the future.
Our long-term engagement with industrial digital transformation shows us that most Greek industries seem to understand the basic principles and technologies of Industry 4.0. But there is quite a lag in understanding how to properly use them to meet their own needs.
So let’s begin
Industry 4.0 includes a series of modern industrial technologies, the main feature of which is that they incorporate modern digital computing systems. In this way, existing industrial technologies can be improved or new ones created. Examples include Robotics, the Internet of Things, Manufacturing Execution Systems (MES), 5G, the Cloud, 3D Printing, Artificial Intelligence (AI), etc.
But all Industry 4.0 technologies remain tools and like all tools, they are designed to help us solve real problems or implement useful applications. There should always be a clear distinction between tool and application.
But what are these applications?
Every industrial company must offer products that meet the needs of its customers in the best possible way. This is a basic principle and should never be overlooked. But if the company can offer products that shape new trends and consumer habits, then it has a much better chance of success in the competitive business environment. And this is where Industry 4.0 comes to help.
The management of each company is therefore called upon to create its own strategic product plan and then define the implementation team, which should also be made up of people with experience in modern Industry 4.0 technologies, even if they are external consultants.
We highlight some key principles for the integration of Industry 4.0 in industrial enterprises:
- Digital transformation is an ongoing process and must be done step by step
- It requires the cooperation of most departments of any business. The ability to change the mindset of dealing with business operation remains always the question, but also the great opportunity during digital transformation
- Because technologies change and evolve very quickly, unlike central planning, the possibility of acquiring the equipment and related applications As-a-Service should always be considered
- New technologies need to be smoothly integrated into existing processes when they cannot be eliminated but can be improved
- Management must monitor and encourage the work of the Industry 4.0 implementation team on a continuous basis
Dr. Evangelos Theodorou is the President & CEO of Theodorou Group. He holds a degree in Electrical and Mechanical Engineering – NTUA (National Technical University of Athens) and holds a Ph.D. in Electronic Systems from the University of Cambridge, England. He has been a lecturer at the Department of Electrical and Mechanical Engineers of the NTUA.