Industry 4.0

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Introduction

The manufacturing industry is in the midst of a digital revolution. This digital coming of age is helping manufacturers support remarkable industry demands & evolve to meet customer expectations.

According to PwC's 2016 Global industry 4.0 Survey of industrial companies now the buzz around the Industry 4.0 has moved from what some saw as PR hype in 2013 to investment and real results today. Respondents expect to significantly increase their portfolios of digital products and services; more than twice as many expect to be at and advance level in this area by 2020 compared to today. Similarly, almost three-quarters of companies expect to have highly digitized horizontal and vertical value-chain processes in five years.

What is this industry 4.0? 

The term 'Industry 4.0' stands for the fourth industrial revolution. Before going into the depth we have to know what all are the existing and past revolution.

While the current industry is 3.0 focused on the automation of single machines and processes, Industry 4.0 focuses on the end-to-end digitization of all physical assets and integration into digital ecosystems with value chain partners. Generating, analyzing and communicating data seamlessly underpin the gains promised by industry 4.0, which networks a wide range of new technologies to create value. Sometimes industry 4.0 is also referred in terms like the industrial internet or smart digital factory of the future in various contexts.

Industry 4.0 is surely giving enterprises improved visibility of their industrial processes, ensuring that potential problems can be identified before they occur. However there are few hindrances. "Though the enterprise executives are hearing about all these gains promised by industry 4.0, smart enterprise of the future, digital transformation & emerging advancement in technologies, they are struggling to develop a realistic and practical road map for driving & realizing this transformation to stay competitive. Also it's not just about the technology. The biggest challenge of industrial leaders is the people & building an Eco-system".

Special thanks to Mr.Radha Govind Pradhan (Lecturer) Centurion University of Technology & Management for their valuable inputs for the content.

 Introduction to IoT...Coming Soon.


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