Industry 4.0 Explained In 200 Words
Industry 4.0/ I4.0 / I4 is an initiative introduced by the German Government to promote smart manufacturing with the potentials of new technologies.
It connects physical machines with the digital system enabling collaboration across departments, products, and people.
This fourth industrial revolution focuses on interconnectivity, automation, machine learning and real-time data.
It not only makes the system interconnected, but communicates, gathers, and analyzes data across machines enabling efficient processes at reduced costs.
What factors drive Industry 4.0?
- Big Data Analytics
- Cyber Physical Systems
- Internet of Things (IoT)
- Smart Factories
- Interoperability
Machines are augmented with wireless connectivity and sensors which track the entire unit and make the decisions based on the data.
Technologies like Cyber-Physical Systems, IoT, Cloud Computing, and Cognitive Computing are used to create a holistic and connected ecosystem.
With the help of industry 4.0, business owners can control the business process, boost productivity, and drive growth.
Benefits:
- Improved customer experience
- Higher efficiency
- Improved quality
- Improved productivity
Challenges:
- Huge capital investment
- Cybersecurity and privacy concern
- Integrity of production processes
Companies like General Electric, Cognex, Microsoft, GE, PTC, and Siemens are executing Industry 4.0 to leverage their business.
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