The industrial revolution is a stage of rapid growth or development in the methods of industrial production. The world has seen several such revolutions, but the one which we are going through today is the Fourth great Industrial Revolution also called Industry 4.0. The first Industrial revolution was about the introduction of water and steam power in production. The second Industrial Revolution ushered in the usage of electricity in the 1800s as a source of power machines. In the late 1900s came the Third Revolution, which was characterized by the growth of electronic mediums and information technology.
What Is Industry 4.0?
The fourth industrial revolution also called Industry 4.0 is all about the high level of automation of daily factory work using modern smart technology. This means that machines can operate themselves without the need for human intervention. The Fourth Industrial Revolution builds on the premise of the Third Industrial Revolution and it is about blurring the lines between the physical, digital, and biological aspects of industrial production. The term was coined by Klaus Schwab, executive chairman of the World Economic Forum. Industry 4.0 is going to be lead by developments in the field of quantum computing, robotics, artificial intelligence, 3D Printing, and nanotechnology.
The Importance Of Industry 4.0:
Industry 4.0 is instantly becoming worthy of our recognition because of the value it is adding to the productivity of businesses and operations across the world. Failing to adapt to these changes will easily cause any company to fall behind its competition. Some of the unique advantages of this revolution are an increase in cost efficiency by decreasing downtime, increasing output, eliminating supply hiccups. Secondly, the democratization of data has come to mean that everyone can function smoothly with more information being available to all. Thirdly, due to digitization, it has become extremely easy to keep a record of data and analyze it for metrics. Lastly, technology allows a greater amount of consumer retention. Not only is the ability to gain feedback improved, but consumer trends and preference metrics can be much better tracked and predicted by machine learning AI.
Germany, a powerhouse of industrial engineering has become the frontrunner for the promotion of this revolution, which they naively call Industrie 4.0. Soon, the whole world will adapt to these evolving concepts of smart factories, big data, and the internet of things, and businesses are the ones to benefit.