What is Industry 4.0?
The Fourth Industrial Revolution, also known as Industry 4.0, is changing the way businesses operate and, accordingly, the environments in which they are forced to compete.
Industry 4.0 Goals
Industry 4.0 carries the promise of a new revolution that combines advanced production and operations techniques with smart technologies that will be integrated into organizations, people and assets. This revolution is marked by the appearance of new technologies such as robotics, analytics, artificial intelligence, cognitive technologies, nanotechnology, and the Internet of Things (IoT), among others. Organizations must identify the technologies that best meet their needs to invest in them. If companies do not understand the changes and opportunities that Industry 4.0 brings, they runx the risk of losing market share.
Why is Industry 4.0 important?
It is important to understand the potential of this fourth industrial revolution because it will not only affect manufacturing processes. Its scope is much broader, affecting all industries and sectors and even society. Industry 4.0 can improve business operations and revenue growth, transforming products, the supply chain, and customer expectations. That revolution is likely to change the way we do things, but it could also affect how customers interact with them and the experiences they hope to have while interacting with companies. Beyond that, it could generate changes in the workforce, which would require new capacities and roles.
What are the impacts of Industry 4.0?
The impacts of Industry 4.0 they can be feel at multiple levels: in large ecosystems, at the organizational level and at the individual level (in employees and customers):
- In addition to the change in which companies operate and in the production of goods, Industry 4.0 affects all the agents in the ecosystem (suppliers, customers, regulatory considerations, investors, third parties …). These technologies allow interactions between each point of a network.
- Organizations The ability to adjust and learn from data in real time can make organizations more responsive, proactive, and predictive. It also enables the organization to reduce its productivity risks.
- Industry 4.0 can mean different things to everyone. For example, for employees it could mean a change in the work they are going to do, while for customers it would mean greater customization in the products and services that better meet their needs.