Key components include sourcing, production, inventory management, distribution, and customer service.

Lean manufacturing is a systematic approach aimed at minimizing waste while maximizing productivity and efficiency.

Predictive maintenance uses data analysis and machine learning to predict when equipment failure is likely to occur, allowing for maintenance to be performed before issues arise.

Industry 4.0 can improve operations by enabling real-time monitoring, predictive maintenance, process optimization, and enhanced decision-making.

Factories can improve product quality by implementing quality control measures, using advanced technology, providing training to employees, and listening to customer feedback.