Return on investment tool with pre-defined problems and Industry 4.0 related solutions
The tool provides a good starting point for companies new to the concept of Industry 4.0 and support others in visualising its significance.The ROI tool is available online which makes it easy to access and the responders get a detailed report based on their answers with graphical representations of return on investment, benefits to cost ratio, and payback period. There are examples of pre-defined common issues faced by SMEs with Industry 4.0 related solutions. The calculations are straightforward, but the most critical element is reliable data and its conversion into realistic monetary values. This is something that SMEs struggle with; hence, examples have been given with the relevant questions to help them in providing plausible answers. The online access, high-quality content, and detailed reporting makes this a useful tool for SMEs moving towards Industry 4.0.
Target audience:
This online ROI tool is useful only for SMEs that are either thinking about adopting Industry 4.0 or are in the early stages of its implementation. It can be used by company CEOs, technical directors, research directors etc., provided they have access to quantifiable data that can be used to estimate project benefits and costs in a realistic manner.
Effort needed:
The tool is available online so it can be accessed anywhere in the world. It does not require any external support as the questions are self-explanatory. There is also an exemplar that can be studied to ensure that the questions are answered appropriately. It should take approximately 1-2 minutes as it is easy to use and navigate. It provides results based on the input data and project costs are the most critical aspect to ensure realistic results.
Status:
The tool has received excellent feedback from SMEs in the UK. They have liked the structure, quality of content, and the fact that it does not take a significant amount of time to complete. They are particularly impressed by the examples that describe how a specific problem can be solved by using Industry 4.0 technologies as it gives them an idea of how to proceed and contemplate different use cases for their benefit.