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

Industry 4.0 refers to the integration of digital technologies such as IoT, AI, and data analytics into manufacturing processes to create smart factories.

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

Benefits include reduced costs, improved quality, shorter lead times, increased flexibility, and better customer satisfaction.

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