Take a moment and look around yourself. You will find Information Technology rules the world. A number of industries now rely on IT. The traditional industry practices are combined with advanced technology to run industry operations. In this realm, you must have heard of Industry 4.0.
It all started from smart devices moving on to smart manufacturing. A while back before I started my IT job, choosing from my Spectrum packages was a task. I could not figure out what I needed just like any other customer with no tech knowledge. Now, services such as 5G are available to take our experience to another level.
What is Industry 4.0?
Technology is not just transforming our lives, it’s transforming various industries as well. Hence, industry 4.0 is a label given to a combination of traditional manufacturing and industry practices. M2M and IoT deployments are used for assisting manufacturers in automation, better communication, progress monitoring, and self-diagnosis. It’s the beginning of a truly productive future.
Industry 4.0 is likely to make factories automated just like machines. They will have the ability to analyze and communicate between departments. Hence, companies will run everything smoothly and workers will be free to perform other tasks.
Who Started It?
Back in the year 2013, the German government released a memo mentioning “Industrie 4.0” for the first time. It was a strategy document outlining a plan to computerize the manufacturing industry without human involvement.
Later, in 2015, a German Chancellor spoke about this concept at the World Economic Forum in Davos. Now, the German government is planning to invest $216 million to encourage search on this concept. Additionally, Germany is not the only country where work on industry 4.0 is taking place.
SMLC, a non-profit organization in the USA has also started thinking about industry 4.0. The organization includes members from universities, tech firms, government agencies, manufacturers and suppliers sharing a common goal. Soon manufacturing firms will have access to analytical technology to meet their needs.
Technologies of Industry 4.0
- Cyber-Physical Systems
It’s a set of computers and physical systems. If refers to any system that combines computer programming with a mechanical or physical tool.
- Big Data Analytics
It’s the process of examining a large amount of data to find patterns, insights, and connections. The data produced as a result is used for making business decisions.
- Machine to machine communication
It’s a technology that enables different devices networked together for exchanging information and performing actions without human intervention.
- Cognitive computing
Cognitive computing is a mix of cognitive science. The goal of this technology is to simulate human thought process in the computerized model.
Key Elements of Industry 4.0
Industry 4.0 comprises of these key elements:
Connected sensors are used for monitoring processes and transmitting those readings to a place where they can be added to others for completing the picture.
- Data Integration
Once all the data is gathered through sensors, you are ready to compile it in a spreadsheet. This spreadsheet is then stored on a public or private cloud so that’s it is available for everyone.
- Data Analytics
Smarter analytics will help companies make smarter decisions.
Since its IT revolution, there are robots involved. They won’t be big ones but the ones that can replicate tasks and assists humans in making smarter decisions based on the data generated.
- Supply Chain
Along with factories, autonomous vehicles, product and service industry, and even the food industry will enjoy the benefit of the industry 4.0 technology.
Why Are Companies Adopting It?
The reasons why companies in different industries are adopting Industry 4.0 are obvious. Here is a glimpse of it:
- Each company wishes to keep up with the rising demand for globalization. You have to adapt the latest trends if you want to retain existing customers and acquire new ones.
- Industry 4.0 will help organizations reach optimal operational efficiency by digital integration of different departments.
- Amazingly, the return on investment in digital products is less than 2 years. The results you will see include reduced operational cost, less customer retention, and more customer acquisition.
What’s It Worth?
KPMG says that by 2020, the worth of industry 4.0 will reach $4 trillion. Regardless of the type of business it is, it can get some kind of benefit from Industry 4.0. Most of the thirst is to increase productivity and reduce costs by using real-time data.
Industry 4.0 is fairly new but it has huge market potential. It’s going to be much bigger than merely controlling appliances in a smart home using Spectrum Internet on our mobile devices. The potential for Industry 4.0’s innovation is vast because boundaries between factory locations will become less irrelevant.
Machines and systems will be able to communicate through the cloud. And of course, high-speed Internet will form the connection. It’s going to be an important revolution in the manufacturing industries