Also known as the 4th industrial revolution, Industry 4.0 is the blend of Internet of Things (IoT) and other advanced manufacturing techniques to transform the entire manufacturing process that features communication and interconnection at each level. The change has already started and is impacting everyone through improved healthcare, education, products, services, and healthier working condition. The revolution has fueled the demand for intelligent automation and technology that encourages talent and innovations. Simply put, Industry 4.0 is the synonym of industrial transformation that works on smart manufacturing for proper and smarter utilization of resources. It has changed the way we live, communicate, trade, invent, and work. Analyzing the current scenarios, it’s not vague to say that the future will witness a drastic alteration in the things we value and the way we value them.
Expedited Consumer Experience
According to a research conducted by Deloitte, as many as half of the S&P, 500 companies will collapse by 2027 due to digital disturbance. Adoption of Industry 4.0 is considered to be the only saviour as it lays the foundation of significant principles essential for fierce market survival like interoperability and cyber-physical integration. The industrial revolution has radically changed the whole pattern of satisfying consumers’ demands. Manufacturing is not only about making things anymore. The debut of eCommerce giant, Amazon has changed the whole shopping paradigm for customers; they get to customize their demands and the way they get them delivered. Manufacturers communicate with customers thus making the shopping experience more intensive and while eliminating middlemen and distributors.
The future is bright and this can be seen in Ericsson’s 10 Hot Consumer Trends 2018 report where it is mentioned that more than half of the current voice assistant users believe that we will use body language, touch, gestures, and intonation to interact with the intelligent tech as we do with the living being. Smart assistants will become an everyday friend in guiding our decision-making process. The report also throws light on the social media platform by adding that AI-backed systems will filter the content which is right while eliminating the fabricated ones.
Positive Impact on the Manufacturers
The improvement in online shopping and delivery services with the help of smart equipment like drones has already declared that the world is at the verge of revolution. According to WEF reports, 1 trillion sensors will be connected to the internet resulting in a data explosion. Meanwhile, IoT (Internet of Things) will also boost greater transparency and accuracy in the entire supply chain, production process, and ultimately the final products. The blend of technologies like big data, AI, 3D printing, cloud computing, and many more will help businesses to identify the loopholes throughout their development process and resolve them with smarter alternatives before it gets too late. It will also help the companies to adapt dynamic product specifications while enabling bespoke production.
Converting into a True Global Village
Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF) said “The fourth industrial revolution, finally, will change not only what we do but also who we are. It will affect our identity and all the issues associated with it: our sense of privacy, our notions of ownership, our consumption patterns, the time we devote to work and leisure, and how we develop our careers, cultivate our skills, meet people, and nurture relationships.” The emergence of Industry 4.0 is shaping the world into a global village. People raise their voices on myriad topics that are not even in their proximity with the help of Facebook, Tencent, Twitter and Instagram. Continuous up-gradation in digital services, computing devices and networks and mobile devices is bringing billions of people together into the global economy from every nook and cranny.
Technology is unfolding mysteries of science and bringing intelligent alterations to the world. Like it or not, it has become essential to cope up with the technological pace and develop along with new inventions and up-gradations. Gen-Y is witnessing smart alterations while waiting eagerly for some controversial biotechnology advances such as designer babies (replacing particular gene associated with contagious disease), gene drives (propagating particular suite of genes throughout an entire species) and implantations to make a child highly smart and eligible for jobs from the mother’s womb. The world yearns to know to what extent technology can expand while making a balance by not causing any collateral damage to the humankind. And it looks like Industry 4.0 is the answer.