Updated: Dec 31, 2019
#Industry 4.0 is a name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. Industry 4.0 is commonly referred to as the fourth industrial revolution.
Industry 4.0 fosters what has been called a "smart factory". Within modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions. Over the Internet of Things, cyber-physical systems communicate and cooperate with each other and with humans in real-time both internally and across organizational services offered and used by participants of the #value chain.
Impact of Industry 4.0
Proponents of the term claim Industry 4.0 will affect many areas, most notably:
Services and business models Reliability and continuous productivity IT security: Companies like Symantec, Cisco, and Penta Security have already begun to address the issue of IoT security Machine safety Manufacturing Sales Product life-cycles Manufacturing Industries: Mass Customization instead of mass manufacturing using IOT, 3D Printing and Machine Learning Industry value chain Workers' education and skills Socio-economic factors Industry Demonstration: To help industry understand the impact of Industry 4.0, Cincinnati Mayor John Cranley, signed a proclamation to state "Cincinnati to be Industry 4.0 Demonstration City". An article published in February 2016 suggests that Industry 4.0 may have a beneficial effects for emerging economies such as India.
Technology road map for Industry 4.0
A "road map" enables whomsoever in industry to directly realize each move and what act need to be accomplish, who needs to make them and when. This method is decoded into a project plan, defining the characteristics of activity in each of the accompanying stages of formation. Considering an internationalized world, the need to actualize development strategies that can secure the sustainable competitiveness of establishments is the main issue. It is in this topic that Industry 4.0 road map grants itself as a visually pictured clear trail to boost the competitiveness of organizations.