Have we not been hearing this term quite frequently from various means?
The term 'Industry 4.0' is coined to represent the fourth revolution that has occurred in manufacturing. From the first industrial revolution (mechanization through water and steam power) to the mass production and assembly lines using electricity in the second, the fourth industrial revolution will take what was started in the third with the adoption of computers and automation and enhance it with smart and autonomous systems fueled by data and machine learning.
We shall use Industry 4.0/Business 4.0 interchangeably in our blog since it has trivial distinction.
What does Industry 4.0/Business 4.0 means to organizations?
Just as 18th and 19th century steam-aged mechanization redefined the way trade was done – intelligent, agile, automated, and cloud-based Business 4.0 has the potential to change the rules of commerce.
Just as the early 20th century ushered in electricity to globalize and decentralize manufacturing – Business 4.0 brings sophistication to the supply chain and re-imagines how it might work. And just as the late 20th century applied the power of mass computing to enhance productivity – Business 4.0 promises intelligent automation at an unprecedented scale.
What Business 4.0 does differently is to re-imagine all aspects and create a new paradigm!
As the world’s leading business software service provider, SAP believes that insights from the sensors, data, and analytics associated with the Internet of Things (IoT) can help optimize China’s industry structure and accelerate vital upgrades. Clearly, these same IoT insights apply to any other country
Ingredients of Industry 4.0:
1.Advanced technology such as:
Advanced Manufacturing System
Industrial mobile devices
Nanotechnology / advanced materials
2. Information Security
3. Software for data processing - Big Data
5. Mass Customization
6. Internet of Things (IoT)
7. High-quality and experienced team of employees
How can Business 4.0 be made possible?
Customizing single user in a single instance
Tailoring and personalizing the needs of mass population
Creating exponential value with stakeholders
Harnessing the capabilities and resources through technology platforms.
Embracing the inevitable risk involved
In Industry 4.0, unprecedented amounts of data will be generated as a result of massive amounts of information being exchanged between people and people, people and machines, and machines and machines .
The abundant resources available can be leveraged by utilizing unimaginable pools of capital, boundless skilled talents and unlocking potency of the ecosystem.
Why is Industry 4.0 attractive?
With lesser people and more automation, companies can make decisions more rapidly and keep efficiency high.
Enhancements to serve consumers better. Industry 4.0 brings agility to the next level.
The extreme visibility from IoT feeds at intelligent products and equipment enables deeper understanding of what works in both product and process design.
The responsiveness and deep information availability available with Industry 4.0 mean manufacturers can give customers better service.
5. Investments and costs
Industry 4.0 will require initial investments, once the intelligence is built into products and processes, the costs will drop.
Thus factory of the future is Industry 4.0. This can give us smart machines, smart planning, smart data and much more.
What the future of this new era holds for us is incredible and exciting!
We at #CredenceRobotics aim at tapping into the deep pockets of Industry 4.0.