Performability considerations for next-generation manufacturing systems

Abstract

Globally, the manufacturing industry is gearing up for the next level of industrial revolution, and it is called smart manufacturing or Industry 4.0. This chapter aims to discuss various aspects of performability for next-generation manufacturing systems. "Intelligence" is identified as an essential dimension of performability for such systems. Various elements of this new dimension are discussed, and the associated technologies are mapped. New business models that utilize the performability of the next-generation manufacturing systems are presented. Finally, a new philosophy, namely, "Manufacturing by Mass," is built to capitalize the full potential of intelligent factories. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021.