Is Your Business Ready for Industry 4.0?

With the advent of the Internet, Information and Communication Technology (ICT) and various technological advancements throughout the world, technology and smart devices have become prevalent in all areas of life. It is no surprise that these technological developments have been used to optimise the daily processes, operations and systems in companies and factories, especially in the manufacturing sector. Hence, the rise of Industry 4.0.

Industry 4.0 builds upon the computerisation of Industry 3.0. In Industry 4.0, computers are connected together in a network and are able to make autonomous decisions without human involvement. Cyber-physical systems, the Internet of Things and Internet of Systems will combine to make Industry 4.0 and smart factories a reality.

So, how do you know if your business is ready for Industry 4.0? Well, the Malaysian government can actually help you to assess your readiness for it. The Industry4WRD: National Policy on Industry 4.0 was launched on 31 October 2018. Its goal is to drive the digital transformation of manufacturing and related service sectors in the country.

Under this national policy, there is the Industry4WRD readiness assessment, where qualified and trained assessors will help you to understand if you are ready for the adoption of Industry 4.0. After the assessment, they will provide recommendations on where you should start your transformation.

Those who are eligible for this readiness assessment are companies in the manufacturing and related services sector, with valid registration and business licenses. The companies must have at least 60% local equity, and have been in operation for at least 3 years.

You might be wondering how a readiness assessment will benefit you. For starters, it will help you to identify areas that require improvement, especially in terms of people, processes and technology. A comprehensive readiness report will be produced for your reference and understanding. You will also be eligible to apply for financial incentives.

A total of 500 companies will be selected for free assessments. If you are not selected to receive a free assessment, you can still obtain tax exemption on readiness assessment fees of up to RM27,000. For more information, you can visit the website of the Ministry of International Trade and Industry (MITI) at www.miti.gov.my.

So, what are you waiting for? Find out if you are ready for Industry 4.0 today!

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