Industry 4.0 and the Internet of things
There are four design principles in Industry 4.0; Interoperability, information transparency, technical assistance, and decentralised decisions. Focusing on interoperability, which is the ability of machines, devices, sensors, and people to connect and communicate with each other via the Internet of Things (IoT) or the Internet of People (IoP).
The development of the IoT is considered to be one of the major events in the modern day industrial revolution. Using this digital platform has enabled the transformation of better productivity and management of processes and assets.
As companies strive to be more efficient, manufacturers and engineers face the challenge of creating innovative machines and systems. The IoT is assisting them in providing these systems in the production processes at affordable prices. A further challenge is the design and implementation of these systems into the manufacturing process. One solution is to use original equipment manufacturers, and develop this either internally, or externally via subcontractors to make a bespoke low cost solution for the company, which can constantly evolve.
The bespoke development could qualify for enhanced research and development tax credits and capital allowances. For a typical SME, in terms of cost savings, R&D tax credits can attract 230% tax relief.
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