Table of Contents
•In a significantly penetrable market environment, the inevitable competition forces manufacturers to innovate and adapt various aspects of the manufacturing system.
•In this regard, the dawn of smart factories, considered to be the 4th industrial revolution or Industry 4.0, will create a notable convergence of business models in manufacturing units. Furthermore, the dominance of Surface Mount Technology (SMT) will also be higher in smart factories.
Business model convergence is the integration of multiple state-of-the-art technologies and self-organizing devices in order to convert existing manufacturing ecosystems into smart factories with higher efficiency and productivity.
Irrevocable Need for Business Model Convergence in Manufacturing
•Manufacturing convergence leads to dawn of smart factories.
•Smart factories comprise self-organizing machines that enhance operational profitability and process productivity.
•Smart factories do not follow traditional manufacturing strategies; instead, they integrate various operations leading to a reduction in time-to-market.
•Business model convergence improves flexibility, adaptability, and brand recognition for manufacturers.
•Through plant-wide Internet connectivity, the integration of manufacturing plants in different nations can be done with ease.
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