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

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

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

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