Industry4.0: what is it and what is it doing for companies?

Even those less well versed in technology mattersmust have, at some point, stumbled upon the Industry 4.0 concept oranother equivalent, the fourth industrial revolution, which thesedays are on the lips of the world.
 
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And it is also likely that the expression “industrial revolution” is more
easily reminiscent of history classes in basic education, rather than a very
hi-tech topic. But the truth is, Industry 4.0 is a lot of both: a
technological revolution that promises to profoundly transform the way we live
and work, at a scale and speed never seen before.

Maybe that's why it's worth realizing that this is where the boundariesbetween the physical and the digital world are definitely blurring andwhy it's so different from all the ones that preceded it.

How did we get to the fourth industrial revolution?

The fourth industrial revolution, better known as Industry 4.0, was preceded by
three other major revolutions.

The emergence of the steam engine in the late 18th century marked the beginning
of the first, which made possible the mechanization of production methods, with
profound changes in the social and economic fabric of the time.

The second, around 1850, brought electricity and with it the invention of the
assembly line and mass production. In the mid-twentieth century, with the
arrival of the computer, information technologies and later the internet, we
witnessed the automation of production and the beginning of the third
revolution, better known as the digital revolution.

However, unlike those that preceded it, the fourth industrialrevolution results from the convergence of existing technologies andnot the emergence of a new one. It is the way in which these technologies
interact in different domains, the exponential speed at which they evolve, and
the scale of the impact they generate on society, companies and industries,
that distinguishes this new era from anything humanity has experienced before.

What technologies are driving Industry 4.0?

If Industry 4.0 is not the result of just one technology, but a combination of
several, the best way to understand it is to look at the set of innovations
that are driving it. These include:
 

• Artificial intelligence and machine learning: artificial intelligence (AI) refers to the science that mimics human capabilities, while machine learning is a
  
specific branch of AI that trains systems to learn. Together they
enable complex pattern recognition, information processing and the ability
to draw conclusions or make recommendations based on large amounts of
data.

[/*]
• Robotics: refers to the design and use of robots for personal or industrial use. Technological evolution has made robots increasingly
  
complex and sophisticated, but at the same time cheaper and more
accessible to companies of all sizes. Today, they are already used in
areas as varied as industry, logistics, retail or healthcare. At
Amazon, thousands of Kiva robots manage logistics operations every day,
which has allowed the retail giant to increase the capacity of its
warehouses by 50% and achieve operational efficiency gains of around 20%.

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• Internet of Things (Iota) and the cloud: these are two fundamental elements of Industry 4.0, as they allow not only the various
  
devices — from smartphones to household appliances or industrial machines
— to be connected and communicate with each other, but also that the
information is stored in an accessible and secure way.

[/*]
• Immersive Technologies: Virtual reality provides a more complete immersive experience by creating a simulation of the real world, while augmented
  
reality overlays digital elements over the physical world. Some
examples of the application of these technologies include the use of
virtual reality in NASA astronaut training or the IKEA mobile application
which, using augmented reality, allows users to see how furniture will
look in their homes even before they buy it. .

[/*]
• 3D printing: allows the creation of three-dimensional physical objects from digital files. Initially it was mainly used for the
  
design of prototypes, but today it is already possible to produce consumer
goods or for industrial use, entirely using 3D printing, such as parts for
manufacturing equipment or prostheses. This technology allows not
only cost reduction and greater speed when compared to traditional
production methods, but also the creation of completely customized models.[/*]

What Industry 4.0 Means for Business

When well implemented, Industry 4.0 technologies can bring several benefits to
a business, among which we highlight:

Constant monitoring of processes

Thanks to the internet of things, manufacturers, retailers and service
providers can now collect consumer data from their “always on” devices. By
gathering and interconnecting data from different sources (from email and socialnetworks to CRM) companies can more effectively assess the use that consumers
make of their products and services and structure their marketing campaigns
accordingly.

In industry, the application of sensors in the various stages of production
allows for a constant flow of information about ongoing operations. This
allows managers to monitor production and performance levels, as well as make
informed decisions in real time. In agriculture, on the other hand,
placing sensors in the soil helps, for example, to determine the ideal time for
fertilization.

Greater productivity and cost reduction

The use of sensors in industry allows to carry out predictive maintenance,
preventing the occurrence of failures or breakdowns. This not only avoids
unwanted stops in production, it also increases the companies' productivity and
lowers costs. Furthermore, the use of intelligent machines that “learn”
from the data, promote a more efficient use of energy resources and raw
materials, eliminate errors and errors in the composition of articles, reduce
waste and reduce production deadlines.

The implementation of systems and tools equipped with artificial intelligence,
in the most diverse business areas, also allows the automation of
time-consuming and repetitive tasks, freeing employees to dedicate themselves
to higher value-added functions. In this way, the work of teams becomes
more agile and companies' productivity increases.

Optimizing the customer experience

Being able to collect data on almost anything (and everyone) is one of the
crucial elements of Industry 4.0. In a factory, through advanced machine
learning and analytics systems, it is possible to use the information produced
in real time to forecast demand, adjust production, if necessary, and ensure
optimal inventory levels to satisfy all orders, without delays for the clients.

Retailers can also use predictive analytics models to predict consumer behavior, tailor theirmessages and offers, plan their sales in advance and adjust prices according to
demand and competition.

For consumers, Industry 4.0 means more choices, better products and services,
as well as superior experiences that can meet their growing expectations.
 
Source: PropertyNews
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