Smart Manufacturing Enterprise Curriculum Development: Financial Analysis for Smart Manufacturing Opportunities

Recent advancements in microelectronic systems allow for the rapid collection, storage, and processing of data.In industrial settings, these capabilities have tremendous potential in increasing automation in manufacturing processes with computerized vision and artificial intelligence.Using sensors, distributed computing, and smart robots, an automated system can both operate and actively monitor a process with greater accuracy and precision than a human operator.This collected information can also be sent to and stored in a cloud server, where it can be automatically, or manually, analyzed to provide insights into how to improve that manufacturing process.However, capital outlays for such manufacturing systems can be significantly high in cost, especially for large systems.Further, some subprocesses may be too complex or currently have too low of demand for a cost-effective, automated solution.As such, financial analyses are critical to ensure such investments have viable return.To address this problem, we have developed a graduate-level, online course for Industry 4.0 technologies with a focus on financial performance, including risk and capital budgeting assessment.This course was designed to be centered around a course project which involves a mock industry scenario complete with financial data and strategic goals.Students will be required to work in small groups to develop three alternative strategies for smart technology implementation.Students will be exposed to various Industry 4.0 technologies through weekly lectures, supplemental readings, and discussions to inform their strategies.Each week, students will be given a case study over a smaller mock industry scenario along with practice problems.The goal of the course is to provide students with the tools they need to demonstrate how project investments in Industry 4.0 technologies can generate new business opportunities and improve productivity to benefit a company's overall financial performance.Through these improvements, the company monetarily benefits while the student gains recognition to further the student's career.This course will be offered for the first time in spring of 2023.Both formative and summative assessments will be made of the course for potential improvements.