Technology has completely transformed the way we perceive and interact with the world around us. All the advances in technology that we have initially chalked off as part of the realm of science fiction have now transcended into today’s digital landscape. In fact, so much has been transitioned that we have now entered what they call the 4th industrial revolution or Industry 4.0 as people like to call it.
Industry 4.0 has not only been revolutionary in changing our individual interaction with things–businesses have been making the most of it too.
However, much like the previous industrial revolutions, Industry 4.0 has been received at varying degrees. Some predict that this new revolution will bring abundance and push the global economy into greater heights. On the polar opposite, it is forecasted that industries will crash and burn under this new system.
Either way, one thing is for sure: Industry 4.0 is here right now. It’s volatile and unpredictable, but the wheels of this new industry have already been set into motion. Now, automation and convenience are at the forefront of everything–but how exactly is this going to change things? We explore this new phase in the sections below.
The jump to Industry 4.0
In Industry 3.0, we were introduced to a bold new world of computers and immediate calculations. Back then, this revolution was already considered as disruptive in its own right. Eventually, that too became obsolete with more demands coming from the increasingly tech-savvy population. Now, we have one foot into a new industrial revolution. This time, computers are not just separate units that do our computing for us. Instead, we have managed to create an intricate web of connections that allow computers to interact without the need for human participation.
Yes, we’re now at an age of smart industry and machines. Through a combination of the Internet of Things, Artificial Intelligence, and an interconnected system, this era has birthed Industry 4.0.
Data is now no longer limited to the physical hard drive of one’s computer. Instead, Industry 4.0 has made it so much easier to extract and share data among systems. The business arena has taken advantage of this seemingly freeflow of information. Through a continuous exchange of information, industries have now managed to modify, design, and create business models that are relevant to their consumers.
What Industry 4.0 Means to Businesses
How can businesses make the most out of these revolutionary times? Here are some ways that Industry 4.0 can impact companies.
Clearer market insight
Recent technologies have made it easy for business owners to identify patterns within and outside of their organizations. When it comes to identifying the needs and requirements of consumers, Industry 4.0 has almost made it impossible for business owners to ignore the numbers. More and more businesses are reimagining their business models based on the insight that technology now provides in abundance.
With AI and IoT operating business activities, it has become so much easier to predict possible machine issues. With constant monitoring of the system, there are far fewer chances of the production line being stalled due to maintenance.
Factors such as the weather used to be a make or break consideration in logistics. However, Industry 4.0 shows its triumph over atmospheric conditions through a series of reinforced solutions in the supply chain. So if there will be an anticipated tie-up in shipment due to weather conditions, IoT can make the necessary changes beforehand and proactively avoid delays.
A long time ago, data used to simply be exclusive within a business organization. However, Industry 4.0 has cultivated an environment for data sharing. This allows smaller businesses to gain access to market information that they would otherwise not be able to acquire. This is all things to an important aspect of Industry 4.0, the Internet of Things.
The Smart Industry
As we plunge deeper into the 4th Industrial Revolution, we’re starting to shift from human-centric solutions to machine-centric ones. Still, we’ve only just begun to uncover possibilities that had once been seemingly impossible to us. It’s an exciting phase in history and there is no telling where Industry 4.0 will lead us to in the coming years.