The first ever industrial revolution that the world has seen was in the 19th century. This was when the steam engine became an important part of the industrial space. In the 20th century, the world also saw the launch of electricity and assembly lines. After this, we received the computer powered automation in the 1970s. We are now in the midst of a new revolution in the 21st century, that is what we call “Industry 4.0”. We have also seen great changes in the landscape of industries with it.
What is Industry 4.0?
Industry 4.0 is a new revolution characterized by modern technologies, machinery and autonomous robots. This revolution will create a connection between humans and machines in our daily lives, but also in different larger organizations. The connection will occur when digital and physical technologies combine together.
These technologies include: simulation, cybersecurity, augmented reality, the industrial interior of things, the cloud, additive manufacturing, big data analytics, vertical and horizontal integration of systems, and autonomous robots.
The Foundation Technology Advances
Big Data and Analytics
Big Data and Analytics is the gathering of information of things like current market trends, unknown correlations and instance customer preferences. This helps in coming up with the right decision on the type of items a company should produce, but also helps with numerous other things.
The Industrial Internet of Things
This is creating a connection of all industrial plant parts by the use of the Wi-Fi and internet. This brings great benefits like for instance machine learning, sensor data, carrying out communications between different machines, and much more.
Vertical and Horizontal System Integration
Vertical integration is the process of coming up with a connection in all levels of production. In contrast, “horizontal integration” is doing networking of systems between different manufacturing lines and firms, but also between different suppliers and customers.
The robots have the capability of doing a thing in a fast and smart possible manner. In the future, they will maybe capable to learn and interact with us. These robots will also in the future be able to interact with each other as they will keep on adjusting their actions on the type of production they will make.
As the revolution will be on the pick, they will also be there in different operations of different plants. Simulation technology has made it possible for individuals to gain access to digital copies of things that can be digitally tested and manipulated in a digital way.
This new technology helps in making selection of parts in different industries. In the future, engineers will primarily use augmented reality to help employees fix and use complex machinery.
Smart factories and companies also need to incorporate a high level of cybersecurity in their operations. Challenges like this will lead to a reduced rate of production and also hacking cases. Considering a team of cybersecurity companies will be an important thing to be considered for companies that need a transformation in their businesses.
The cloud information technology has made sharing and storing a multitude of data for many companies. The production companies should be sharing data across the boundaries. Cloud has also made it easy in carrying out things as fast as possible.
Is the production of unique items at a cost-effective rate in the house. This is of great importance as it tries to reduce a shortage of products. The producers have a chance now with the use of 3-D printing producing individual elements and also creating prototypes.
The Biggest Deterrents for Businesses to Join This Revolution
Cost: To match the standards of this modern revolution, there is a need to place substantial upfront investments upon it.
Loss of human labour: During the occurrence of any kind of technology updating, there are great risks of job loss. This is what will most probably happen with this new revolution.
Increased Cyber Security issues: It’s something that happens normally. Security risks normally come by when any kind of business is electronically connected.
Technical Problems: There are high chances that there will be little human oversight in the whole production process with the introduction of this new revolution. This will presumably lead to technical difficulties. The solutions to such technical difficulties will most likely be expensive to deploy.
How the Revolution Will Benefit Companies?
Identification of New Opportunities: By the use of analytics and data, new job opportunities can be identified. Different firms will be looking for new ways to tap themselves into new markets and also make a step to expand their businesses.
Efficiency: We have all ever longed to be in an era where production is done in a fast manner. With this revolution, fast and efficient production has also been achieved.
Saves Money: We always talk about saving money, ways to save money, but we truly don’t know how to go about it. The revolution achieves money-saving by decreasing waste and by simply lowering risks accrued through high-cost mistakes.
Better Customer Experience: There is a need that customers obtain what they need at the right time. Customization, speed and analytics have greatly made this happen as customers are now sure to receive what they need at any time.
Increased Revenue: There is surety that there will be significant revenue amount that will be generated despite the amount of money that will be invested there.
Job Creation: There is a likelihood of the creation of new jobs with this new revolution even though it is a fact that there happens to a loss of jobs after the update of any technology is made.
The way of the Future of This Revolution
What is Industry 4.0 really? Is it something scary for new companies that should be avoided? No, it is actually the new revolution that we need. There will seem to be a delay in doing upgrade to the models of the industries but then, this is something that will be leading businesses into risks falling short in making production process fast.
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.