A Strategist’s Guide To The Fourth Industrial Revolution
Created on December 18, 2018
The Fourth Industrial Revolution or Industry 4.0 is all set to completely change the way global businesses integrate their operations and technologies into a robust digital whole and thereby revolutionizing the world around us.
Our world has been a witness to three Industrial Revolutions. Those were really humongous and momentous events. The first revolution was triggered by the mechanical power loom and the commercial steam engine. The second was sparked by mass production and the harnessing of electricity and computers set the motion for the third.
It is still early to say that the Fourth industrial revolution, also referred to as Industry 4.0 and Industrie 4.0, has begun. However, many believe that Industrie 4.0 came to existence ever since Henning Kagermann, the head of the German National Academy of Science and Engineering (Acatech), coined the term Industrie 4.0 for describing a proposed government-sponsored industrial initiative.
Today, the term Fourth Industrial Revolution or Industry 4.0 does not seem hyperbolic at all. Now, Industry 4.0 is a signal of sweeping changes that are rapidly transforming the world around us. It can be best described as a combination of different innovations in the segment of digital technology, all of which are coming to maturity at the right time. The best thing is that all of them have the potential of transforming every sector and industry around us.
Industry 4.0 technologies include Artificial intelligence, the Internet of Things, Cloud Computing, Advanced Robotics, Data analytics, Innovative marketing models, Software-as-a-service, Sophisticated sensors, and Digital fabrication to name a few. Furthermore, all these and many more elements perfectly embed in an interoperable global value chain.
These technologies are usually thought of in separate ways. But imagine the impact they would have when joined together. They can change the world around us like never before. There would be innovative and powerful ways to organize global operations with Industry 4.0.
Under the Industry 4.0 model, product conception, design, and development will happen in simulated laboratories and digital fabrication models will be utilized. Thenetworks of machinery will be powered by state-of-the-art methods, tools
The technological infrastructure associated with this revolution called Industry 4.0 is still in its early stages of development but it is already transforming the very concept of the manufacturing sector among others. Organizations that have already embraced Industry 4.0 are learning the art of mass customization and the unique ability to create products in batches as inexpensively as they possibly could create a mass-produced product in the 20th century.
As the movement of Industry 4.0 will develop, these trends will also accelerate. So, will the invention of new and better products and services, including innovative ways to tackle the most complicated and difficult problems of today, the pressures of urbanization, and much more!
The Fourth Industrial Revolution replaces redundant legacy systems, like those associated with enterprise resource planning and operations management, with a single, interoperable, and enterprise-wide whole that is much efficient and less expensive. For their part, the revenue gains come hugely and primarily from offering innovative products, digital features, and services.
As your organization becomes more active in Industry 4.0, you’ll find that the advantages of Industry 4.0 go far beyond just extending your reach digitally or promoting the products and services offered by you. A rock-solid presence in this revolution called Industry 4.0 will establish your organization and your entire ecosystem of partners, employees, vendors, distributors, and consumers as an integrated digital and fully interconnected network, which are associated with other networks around the world.