SMART MANUFACTURING AND THE FACTORY OF THE FUTURE

Hazik Mohamed

Chapter 8 in Beyond Fintech:Technology Applications for the Islamic Economy, 2020, pp 143-163 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Smart factories represent the fusion of a myriad of technologies and business approaches to production in manufacturing. In its fully-optimized form, smart factories can evolve to be adaptable systems that can enable continuous improvements of processes and optimize supply chain planning.In this chapter, we explore the convergence and fusion of various technologies to describe the Factory of the Future. We detail how manufacturing will be transformed in the digital era through technologies that have defined it such as AI, IoT, and Machine Learning to form the Digital Twin and the emergence of Cyber-Physical Systems (CPS). We analyze the shifts in manufacturing practices, and illustrate several key factors that will shape the future manufacturing environment such as manufacturing operations, Lean Production principles, advanced prototype modelling, IIoT, and the use of integrated manufacturing analytics and the transformation of value chains to value network. We conclude with our thoughts on sustainable innovation and the workforce of the future with increasing scarcity of proficient IR4.0 professionals to support and build the future.

Keywords: Ethics and Technology; Digital Transformation; Regional Development; Customer Behaviour; Evolution of FinTech; Global Landscape; Payments; Asset under Management; InsurTech; Investments; Cloud Computing; Big Data Analytics; Blockchain; Internet of Things (IoT); Robo Advisors; Artificial Intelligence; Machine Learning; Islamic Finance; Endowment; Intellectual Property; Fraud Detection; Risk Mitigation; Cost-Effective; Increased Productivity; Immutable; Know Your Client (KYC); Media Rights; Coordination; Efficiency; Consensus-building; Agility; Scalability; Innovation; Cybersecurity; Collaboration; Venture Capital; Enterprise Solutions; Era of Digitization; Digital Ecosystem; Disruptive Models; Market Insights; Predictive Analytics; Insurance; Takaful; Capital Markets; Distributed Ledgers (DLT); Wealth Management; Islamic Markets; Sharing Economy; Trust Mechanism; Open Platforms; Web and Mobile; Cloud Computing; Trades and Settlements; Regulatory Controls; User Defined; Institutional Economics; Cryptocurrency (Tokens); Public Registries; Smart Contracts; Securities Clearing; Automation; Enforceability; Claims Processing (search for similar items in EconPapers)
JEL-codes: G1 G11 G2 O3 O32 (search for similar items in EconPapers)
Date: 2020
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