What's Stopping the Smart Factory Revolution?

Smart factories that use breakthrough technologies to drive efficiencies within production processes and across value chains have captured the attention of manufacturing executives. Digitalization, so the story goes, offers a wide array of advantages. They include predictive maintenance that will reduce downtime through the creation of "digital twins," enhanced quality control, demand-driven production, inventory optimization, reduced energy and material costs, and improved safety and environmental performance. Numerous estimates attempt to quantify the value proposition. Consulting firm McKinsey says the economic impact could be between $1.2 and $3.7 trillion by 2025.