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Smart Manufacturing And The Factory Of The Future

In: BEYOND FINTECH Technology Applications for the Islamic Economy

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  • Hazik Mohamed

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.

Suggested Citation

  • Hazik Mohamed, 2020. "Smart Manufacturing And The Factory Of The Future," World Scientific Book Chapters, in: BEYOND FINTECH Technology Applications for the Islamic Economy, chapter 8, pages 143-163, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811222313_0008
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    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;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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