Industry 4.0: An industrial revolution with the aid of digitalization

Fourth Industrial revolution aka Industry 4.0 refers to the modern phase of the industrial revolution that concentrates specifically on automation, machine learning, real-time data, and inter-connectivity. It is dramatically altering how businesses operate resulting in rapid changes for resourcing, technological and capital investments.

Industry 4.0 is the integration of physical production and operations with advanced digital technology to create an exceptionally connected and holistic ecosystem (smart machines) for manufacturing and supply chain management.

These smart machines have embedded software systems, modern control systems, and an internet connectivity. This complete collaboration of machines via internet is also known as the Internet of Things (IoT). This way, machines, operators, and whole system can communicate enabling new ways of production, value creation, and real-time optimization.

Before probing further into this latest transformation of manufacturing industry, it is essential to understand how exactly this sector has evolved since the late 1700s. So far there have been 4 distinctive industrial revolutions.

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