Having watched automation trends evolve over the years, I can tell you that Industry 4.0 is definitely more than just buzzwords, but there's a clear distinction between what's delivering real value and what's still in the hype phase.

What's actually delivering value right now:

1. Industrial IoT and predictive maintenance - This is the real workhorse. Sensors on equipment that predict failures before they happen can save millions in downtime. The ROI here is proven and substantial.

2. Basic automation and robotics - Not the flashy humanoid robots, but the practical automation of repetitive tasks. These systems have matured and deliver consistent productivity gains.

3. Data analytics for quality control - Using data to identify production issues and improve quality is delivering measurable returns across manufacturing sectors.

4. Cloud-based monitoring systems - Remote monitoring of operations has become practical and cost-effective, especially with hybrid cloud solutions.

What's still more hype than substance:

1. Fully autonomous 'lights out' factories - While great for PR, these are still exceptions rather than the rule. Most facilities need human oversight.

2. Blockchain for supply chain - Promising in theory, but practical implementation challenges and unclear ROI make this a 'wait and see' technology for most manufacturers.

3. Generative AI for manufacturing - While AI for predictive analytics is solid, generative AI applications are still experimental and often overpromised.

Worth investing in now: IoT sensors, basic automation, data analytics platforms, and cloud infrastructure. These have proven ROI and are mature enough for widespread adoption.

Wait for maturity: Fully autonomous systems, advanced AR/VR for training (beyond basic applications), and complex AI implementations that require massive data integration. Focus on solving specific business problems rather than chasing the latest buzzwords - that's where you'll see real returns on your Industry 4.0 investments.