Industry 4.0 readiness report
An assessment of the Cyprus manufacturing industry
The current study outlines the key challenges and opportunities for the manufacturing sector of Cyprus, in relation to the digital transformation of the sector, and its readiness to move into the so called Fourth Industrial Revolution, otherwise referred to as Industry 4.0.
Around the world, traditional manufacturing industry is in the throes of a digital transformation that is accelerated by exponentially growing technologies (e.g. intelligent robots, autonomous drones, sensors, 3D printing). Enterprises at organizational and operational level, need to adapt to this rapid change, if they are not to be left behind by developments in their sector and by their competitors.
This study investigates the extent to which Cypriot manufacturing companies have already positioned themselves in relation to this digital transformation and the opportunities offered to them by utilising Industry 4.0 processes.
Findings of the survey suggest that:
1. Companies are focusing on innovative solutions that will transform their processes.
2. Although companies are already investing in new technologies, their focus for the future
will be to advance the digital skills of their employees.
3. Companies want to further integrate digital capabilities into their production line.
4. In the near future, companies will be using their data analytics capabilities in order to
predict their customers’ behavior.
5. Companies aspire to introduce digital features during the sale phase in the near future.