The Malaysian government pushes the country towards IR 4.0 to boost economic and productivity growth. This is done with priority focused on the manufacturing sector with plans to expand the industrial revolution to other industries in the economy. For the past four years, the matter of low productivity in Malaysia has been of great concern. Therefore, the government aims to improve the country’s economy and create a more competitive economy.
The government is giving priority to corporations in the Automotive, Aerospace, biochemical, Mechanical & Engineering, Electrical, Medical Devices, and capital-intensive human productions, including food and beverage. These aims to increase the manufacturing sector’s share to the Malaysian economy from RM256,000,000,000 to RM393,000,000,000. This implies that the industrial revolution will lead to increased economic growth.
Industrial Revolution 4.0 is the technological advancement of embedded schemes for innovative cyber-corporal systems in the industry. The main benefit of industrial revolution 4.0 is increased productivity in the economy, as the technologies in IR 4.0 allow manufacturers to produce more goods and services at a faster rate. This is also done while distributing the available resources more efficiently (Raj et al., 2020).
The other benefit of industrial revolution 4.0 is improved flexibility and coordination in the production sector. For instance, in a more technologically advanced company, it is easier to increase or decrease production in such a company (Raj et al., 2020). The introduction of new products in the manufacturing sector is made easy during an industrial revolution. The overall impact of flexibility is in production is accelerated economic growth.
Industrial revolution 4.0 is vital in the manufacturing sector in minimizing production costs for highly technologized companies. The mechanization, data management, and system amalgamation costs are reduced when the industrial revolution is integrated into the production sector. Reduced prices will result from faster manufacturing, better resource utilization, less machine downtime, and lower operations costs.
To embrace the industrial revolution in the organization, as an operation director, I can encourage the company to adapt existing equipment (Soomro et al., 2021). The organization can enable prevailing equipment to integrate the industrial revolution with it. If the organization has intelligent sensors, it does not have to substitute existing equipment to advance processes. In its place, the organization should suit the sensors with new sensors in line with industrial revolution 4.0 technology without having to make further purchases of the sensors.
As a director of operations, I can set goals such as improving quality, optimizing processes, and boosting the overall effectiveness of the existing equipment. This will ensure that the new technology from the industrial revolution is implemented efficiently to achieve the organization’s desired outcome. Setting goals for the company will help increase the overall productivity in terms of labor and revenues (Soomro et al., 2021).
In conclusion, to embrace the industrial revolution, invest in education and training about the new technologies. The organization should adapt to the older technology and modify it to fit in the industrial revolution 4.0 environment. These will help the company increase the overall productivity hence boosting economic growth.
References
Raj, P. E., Wahab, S. A., Zawawi, N. F. M., Awang, K. W., & Ibrahim, W. S. A. A. W. (2020). The benefits of Industry 4.0 on Sustainable Development and Malaysia’s Vision. IOP Conference Series: Earth and Environmental Science (Vol. 549, No. 1, p. 012080). http://doi.org./10.1088/1755-1315/549/1/012080/meta
Soomro, M. A., Hizam-Hanafiah, M., Abdullah, N. L., Ali, M. H., & Jusoh, M. S. (2021). Industry 4.0 Readiness of Technology Companies: A Pilot Study from Malaysia. Administrative Sciences, 11(2), 56.https://doi.org/10.3390/admsci11020056
Soomro, M. A., Hizam-Hanafiah, M., Abdullah, N. L., Ali, M. H., & Jusoh, M. S. (2021). Embracing Industry 4.0: Empirical Insights from Malaysia. In Informatics (Vol. 8, No. 2, p. 30). Multidisciplinary Digital Publishing Institute.https://doi.org/10.3390/informatics8020030
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