Industry 4.0 also known as Fourth Industrial Revolution involves the combination of the Internet of Things (IoT) and advanced manufacturing techniques bringing about transformation in the manufacturing sector. The first industrial revolution saw the adoption of new manufacturing techniques with the use of steam for mechanization of some of the work that our ancestors did. The second industrial revolution saw the usage of electricity and the birth of mass production while the third one saw the advent of computers and as a result the birth of automation.
Enter Industry 4.0, the new phase of the industrial revolution in which many factories across the world act as interconnected cyber-physical systems that interact and communicate with each other and with humans in real-time via the internet. The goal of the fourth industrial revolution is SMART FACTORY which can be set up through automation and information exchange in manufacturing technologies. This is largely possible with the convergence of IoT, artificial intelligence, cloud computing and cyber-physical systems.
Pros and Cons of Industry 4.0
Industry 4.0 is a technology initiative and requires investing in new manufacturing technologies. Interoperability, information transparency, automation and actionable insights are the major tenets required for Industry 4.0 to be operational. Along with improved performance and efficiency, adopting Industry 4.0 can also enhance the flexibility, speed to market and agility while launching new products and services.
Despite the potential benefits, manufacturers have received this new change with skepticism. Data security issues seem to be the main concern for the manufacturers as they believe investing in smart factories may increase the risk of security breaches and the chances of proprietary production knowledge theft. Technical glitches, loss of high-paying jobs and resistance from stakeholders to invest in new technologies are some of the challenges plaguing industry 4.0.
Since the pros outweigh the cons, more and more manufacturing companies may start adopting this new trend. As with any new technology, early adopters seem to reap the rewards from their conviction to adopt it. Those who are reluctant may lose out on opportunities to early adopters and will be left behind.
We at SMACAR Solutions specialize in developing cutting-edge technology solutions which help businesses keep up with the ever-fluctuating market. Our skills in augmented reality, virtual reality, IoT, mobile and web technologies can be handy in giving shape to your ideas. If you liked what you read and are looking to innovate your business with the latest technologies, please feel free to contact us.