These technologies can support production flexibility, efficiency, and productivity thereby providing tremendous innovation, competitiveness growth, and improving current industrial system sustainability. Industry 40 is revolutionizing the way companies manufacture, improve and distribute their products through smart technology. It is all about making business smarter and more automated. As a result of previous industrial revolutions, manufacturing processes becomes more complicated, automatic, and sustainable. The Fourth Industrial Revolution focuses on deepening the impact of our digital technologies by making our machines more self-sufficient. The goal is to enable autonomous decision-making processes, monitor assets and processes in real-time, and enable equally real-time connected value creation networks through stakeholders’ early involvement, and vertical and __ horizontal integration. Outlined in the book The Fourth Industrial Revolution by Professor Klaus Schwab, Industry 4.0 encompasses “new technologies that combine the physical, digital and biological worlds, impacting all disciplines, economies, and industries. The initial goals in Industry 4.0 typically are automation, (manufacturing) process improvement, and_ productivity/ production optimization; the more mature goals are innovation and the transition to new business models and revenue sources with information and services as cornerstones.
INDUSTRY 4.0 TECHNOLOGIES
Industry 4.0 refers to the convergence and application of nine digital industrial technologies. These innovations bridge the physical and digital worlds and make smart and autonomous systems possible.
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