What is Industry 4.0? Latest Trends | Technologies | Examples
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The industries have always anticipated digitalization as it opens up new possibilities, guides in eliminating the conventional risks and taking up new strategies to market the product/service. This aspiration for digitalization has driven the four industrial revolutions that have made the production industry evolve and grow powerfully. The present fourth era of digitalization, industrial revolution 4.0, is novel and highly unique and has deeper purposes in its mission and expects a better future.
According to sources, 72% of businesses have been digitized with the advent of this revolution. Let us understand things in more detail.
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What is Industry 4.0?
Industry 4.0 is yet another technical revolution that would redefine the way we fundamentally live, work, and connect.
The first idea or spark of revolution started with the First revolution, which employed the usage of water power and steam power to mechanize the production activities.
The Second revolution went an extra edge with the previous revolution in generating mass production.
Meanwhile, the Third used the melange of electronics and IT for automating the production process.
Finally, the present, Fourth Revolution, developing on the Third one, aims to amalgamate novel technologies for bringing the physical, biological, and digital worlds as much as possible.
Thus, though developing on the Third One’s essence, the Fourth revolution isn’t just the mere extension of the Third one. Still, Industry 4.0 impact on business has much more implicates that are strong and sound in being a distinct one that gave a path for unmatchable scope, impact, and velocity.
The industries would be reformed so that the governance, management, and production are all a new system, and this kind of reformation is exclusive to this Fourth revolution. The growth is too at an exponential rate and not simply in some linear scale.
Examples of Industry 4.0 Companies
Many of the top MNCs and corporate sectors drive the unique and rewarding Fourth Industrial Revolution, i.e., industry 4.0 services. Here are the different digital transformation companies that are the finest examples of industry 4.0 companies:
- IoT platforms for industry, encompassing Microsoft, Siemens, and General Electric
- Extended reality ( AR & VR) encompassing, Upskill
- Cybersecurity companies are encompassing Claroty, etc.
- Automated driving, material transportation encompassing Clearpath Robotics, etc.
Top Industry 4.0 Trends in 2020
Industries are reformed in a way that was nowhere seen in history, with new Industry 4.0 manufacturing methods. Every reform is so powerful that these are ruling the present industry now and would be omnipresent in the future. Here are a few trends and marvelous Industry 4. 0 technologies that would define the golden future of Industry 4.0:
IoT in Industry 4.0
IoT development has become a great pillar of support for humans to interact with machines and machines to interact among themselves.
Thus, everything is connected to the internet today – called the ‘Internet of everything’ or ‘Internet of Things ‘(IoT technology) to facilitate that communication, pause the repetitive actions humans undertake and ask the machine to do, the required tasks right point of time.
This is accomplished with a very integrated mechanism. Every device is smart, and other objects are with sensors/other equipment embedded in them, whereby, if the sensor detects any unanticipated/abnormal change in the environment, the supervisor would be promoted.
This feature of IoT applications is one of the most sought ones to protect inventory, raw materials, and finished goods at their ambient environments by which organizational efficiency, productivity is increased, and the cost of wastage or damage doesn’t occur.
Hence, ensuring more productivity, efficiency, quality, safety, and security is part of the trend, IoT.
Big Data and Analytics
Big Data and analytics are two of the vast fields that the world largely counts upon now for making informed decisions in almost all the domains.
With digital transformation, the usage of big data and analytics has increased drastically. There is a simple method of understanding this growth – industry 4.0 produces a large amount of data and offers platforms and tools to collect this data.
Read More : “Digital Transformation Paving the way for Touchless Payments“
When managed, organized, stored, interpreted, and analyzed, this data can offer highly meaningful insights about the organization – the best and the worst initiatives of the company in the past, ways to reframe strategies according to present needs, etc.
This huge availability of data, the possibility of analyzing it has all pave the way for various kinds of analysis like descriptive, predictive, prescriptive, and augmented analysis as per the company’s requirements and level of establishment.
Digital Twins Technology
Digital twin technology is one of the splendid innovations of humanity which aims at generating virtual models or representation of the actual assets of the industry.
This representation is accomplished by the beautiful blend of data visualization and real-time sensing of data.
The main use of digital twins can be in augmenting customers’ experience by creating virtual twins for customers and modeling specific products/services for them in regards to external flow like marketing.
Read More : “How will Digital Transformation Impact the Future of SMEs?“
On the other hand, in matters of the internal constitution, this technology in this digitally transformed and revolutionized world would be that it aids in better management of inflow and maintenance of goods, tightening security, and optimization of the use of energy in all the processes of supply chain management involved, all of which would increase efficiency and decrease cost.
Thus, revising numerous times can be done without any struggle with this digital design using the digital twins, which can be presented easily and nicely to the angel investors, etc.
Pretty much as AI, ML, IoT has defined and driven the Fourth Industrial Revolution; robotics has an important role to play.
Advancements in robotics have rendered greater efficiency and safety to humans in the workplace and reduce human errors.
Autonomous robots, humanoid, cloud robotics, robot swarms, etc. are some of the top robotics in the advanced level that inspired the digital transformation industry by rendering greater accuracy and agility.
Every AI development Company is looking for new ideas to be incorporated and AI to stretch the wings of AI though AI’s initial base itself received an overwhelming response.
These integrations, collaborations have made AI one of the core and inevitable aspects of many companies across the globe, right from the pre-production, production, post-production to marketing, and much more fantastic processes.
AI ensures to customize everything and breakdown the routine of workers by eliminating repeating tasks from their routine.
Machine Learning Development
Machine learning is employed in a variety of sectors, right from monitoring the overall system and performance, having insights from the collected data, preventing fraudulent activities, and much more due to the ML algorithms that can positively contribute to the same.
It’s been decades and would be continued to use for the myriads of benefits it offers.
Thus, the subset of AI, ML, trains the machines to efficiently carry out the tasks of humans, which would always be sought forever.
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Technology is one of the biggest assets and boons what humanity has received. By tapping into its fullest potential for the betterment of the largest community, the results have always been favorable. One such result is the success of industrial transformations, and this success is so sound that we have landed up in the Fourth transformation due to the great support for the first three transformations.
Read More : “Manufacturing & Automation in Industry 5.0“
Thus, humanity must continue to use this technology and top attractive trends like the aforementioned as it’s only the right progress with evolution with the world that can make one victorious. This much-required evolution, innovation, integration, reliability was found in the Fourth Transformation and would continue to be scaled up and thus would have a ‘Golden Future.’
AI uses not only found in production but also in a variety of other fields like effective and customized marketing strategies, enhancing security and safety in an institution, smart predictions about the best route for delivering, etc.
IoT smart home culture is already on the rise in European nations, considering the safety and privacy of elderly people. It’s predicted to grow in the same amounts in almost all parts of the world due to the amount of direct and unseen benefits it renders.
Yes. They have rendered a great helping hand to the industry by relieving humans from repeating the same old repetitive tasks again and again and letting them focus on more complex issues of the real world.