With globalization at its core, the entire world is going digital. These historic events – the industry revolutions have played an important role is enhancing the entire business scenario and to add to it, come Industry 4.0 – changing the globe with a seamless fusion of the physical, digital and biological worlds. This article introduces you to the fundamentals of this innovative revolution and how it is set to change the face of the business globe.
Here we are, standing on the brim of an industrial revolution that is sure to amend the way we live, work and relate. With industry revolutions being highly vital events, it is hard-hitting to even visualize the scale unto which its implications will affect us in all scenarios and how it will reveal. Coming up as the 4th one in the row, it surely has an integrated and comprehensive approach, encompassing all stakeholders from the global fraternity.
The very 1st industrial revolution, triggered by the commercial steam engine and mechanical loom, made use of water and steam power to undergo mechanical production. The 2nd one used electric power to create mass production. The 3rd one used electronics and IT to avail automated production. And then comes the latest one – the 4th one, Industry 4.0, building on top of the 3rd one creating a digital wave, bringing in a fusion of technologies integrating the operational areas of the physical, digital and biological worlds. With distinct areas to perform, the Industry 4.0 is evolving at an exponential rate and is influencing each and every industry zone across the world. The intensity of these transformational changes is affecting the horizons of all major production, management, marketing and governance systems.
Industry 4.0 – An Introduction
This innovative and sweeping terminology refers to an amalgamation of many important innovations in digital technology, approaching and transforming together, major industrial sectors. When it comes to the state-of-the-art technological moves, be it advanced robotics, artificial intelligence, cloud computing, IoT, Data Sciences, 3D printing, Software as a Service, mobility advancements and many more to add, the list is ever increasing.
Initially, this movement started off in Germany, with big names going in for it and then it gained momentum in other geographies like the USA, Japan, China, Nordic countries and the UK, increasingly making its presence unescapable and most significant.
Industry 4.0 is bent upon creating a Smart Factory, with its modular, structured, cyber smart systems. The basic foursome design fundamentals on which this revolution is based are:
A synergistic communication of machines, devices, sensors and people with each other, with the most modern IoT technology being the medium
The capability of information systems to come up with a virtual replica of the physical elements by fusing in digital models with sensor-based information
The capacity of assisting systems to help out resources through combination and visualization of information thereby leading to insightful decision making
Cyber physical systems being able to take their own decisions independently and working as a self-directed body
Influence of Industry 4.0 on Major Stakeholders – Business, People, Government
A sure shot acceleration of innovation and technological growth is guaranteed. These waves surely create novel ways of exercising needs and establish industrial relationships. With new agile and innovative competition in the foray, there is increased quality orientation and enhanced value for delivery. There are statistical evidence of increasing transparency, client interaction and mobile networking spreading across, thereby, increasing the presence of the Industry 4.0 revolution. Product augmentation, collective invention, client requirements, and administrative procedures are affected to the positive, with the client being the focal point, witnessing the advent of globalized technological platforms and a multitude of models/frameworks.
There is a lot to look for and change for, with the 4th revolution. Not only does it affect the air at the organizational level, but it does bring in a lot of modifications at an individual level too. It touches upon our identity, way of thinking, operational methods, our health factors and much more. With mobility being the prime ingredient in gluing in technology into each life, whatever new appears in that technology is bound to pass on to individuals, barring any size, type or nature of industry segment, they belong to. Of course, there are a certain set of challenges at each step, but a rose that its own set of thorns, so does any innovation. There is much more it offers to people and hence, these teething issues can always be managed and controlled.
This wonderful confluence of the three worlds leads to lessening the bridge between the government and the citizens, extracting various ways and means by which the citizen is able to voice an opinion with freehand and reach out to the government with ease. At the same time, there are easy and modern mechanisms by which the government too, can approach the citizens easily and with affirmation. No doubt, there are certain basic changes in approach that the government may have to undergo, but those are doable and for the betterment of both worlds. Along with this, the security aspect also has a larger impact, both on the national level as well as the international. But, with the revolution bringing in novel techniques to enhance security, there surely is a lot to look for.
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