Abstract
In the current era, the manufacturing sector plays a vital role in the industrial growth and economy. The limited availability of resources such as land make efficient resource allocation and utilization highly necessary. Optimization of the new as well as existing facility layouts is carried out to reduce connection costs and thereby increase profits. The optimization algorithm must consider the equipment dimensions, orientation and the connection costs between each equipment. The outcome of such an algorithm would be a set of coordinates of each equipment and the floor on which the base of the equipment is to be placed. Mapping this data into a 2D layout will provide a visual understanding of the optimized plant design. In addition to this, with the development of innovative concepts such as the Industry 4.0 in the markets, companies upgrading their levels of technology. In developing countries such as India, not all plants have a huge capital. So, they need to devise a systematic plan to implement the new Industry 4.0 model and its supporting technologies. A successful conjunction between Industry 4.0 and lean concepts is the most viable option. This study aims to achieve both these targets - to devise an algorithm that optimizes the location of each equipment and a method that determines the possible upgrades in technology that are feasible for a firm.