Insight of a new digital era
Industry 4.0 is about industrial transformation using new digital technology that makes it possible to gather and analyze data across machines and business systems – enabling faster, more flexible, and more efficient processes to produce higher-quality, individualized goods at reduced cost.
Companies tend to envision technology development going forward instead of identifying the areas of largest impact and tracking these back to Industry 4.0 value drivers. Furthermore, governance and organisational anchoring are often unclear.
Although the terms “industry 4.0” and “fourth industrial revolution” are often used interchangeably, industry 4.0 factories have machines which are augmented with wireless connectivity and sensors, connected to a system that can visualise the entire production line and make decisions on its own.
The fourth industrial revolution encompasses areas which are not normally classified as an industry, such as smart cities, for instance.
Industry 4.0 could have an estimated value-creation potential for manufacturers and suppliers of $3.7 trillion in 2025, 1 and hopes are high that it could bring the next industrial revolution to discrete manufacturing. Yet only about 30 percent of companies are capturing value from Industry 4.0 solutions at scale today.
References
www.mckinsey.com/ industry 4.0
en.wikipedia.org/wiki/industry 4.0
