Framework of Performance Measurement and Management for Industry 4.0 Era
Résumé
The evolution of manufacturing to "Industry 4.0" is well under way. It implies rethinking in measuring and managing performance in manufacturing and supply chain systems. Adaptation is required because the Industry 4.0 context is fundamentally different from the existing systems in terms of planning, operations and management. This paper, therefore, proposes a conceptual framework for developing performance measurement and management (PMM) for Industry 4.0. The proposed framework outlines the performance management process including performance measurement, performance visualization and decision-making using the data value chain concept. Each step of the value chain is mapped to the contemporary technologies available to facilitate the PMM development process. The paper concludes that performance management in Industry 4.0 will be substantially different in terms of data collection, analysis, evaluation and will have fair proportion of leading indicators alongside lagging indicators to describe performance; however, challenges to develop and operationalize the PMM remain and require seamless integration of both processes and technologies.
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