Industry 4.0:The Fourth Industrial Revolution
The digital transformation of manufacturing/production and allied industries, as well as value creation processes, is referred to as Industry 4.0.
Industry 4.0, often known as the fourth industrial revolution, denotes a new stage in the organization and control of the industrial value chain. Cyber-physical systems (e.g.,' smart machines') are the foundation of Industry 4.0. They use current control systems, embedded software, and an Internet address to connect to and be addressed via IoT. (the Internet of Things) and IIoT.
Products and manufacturing processes can then be networked and 'communicate,' enabling new modes of production, value creation, and real-time optimization. The capabilities required for smart factories are created through cyber-physical systems. These are the same features that we are familiar with from the Industrial Internet of Things, such as remote monitoring or track and trace.
Industry 4.0 has been characterized as "a term for the present trend of automation and data exchange in manufacturing technologies, encompassing cyber-physical systems, the Internet of things, cloud computing, and cognitive computing, as well as the creation of the smart factory."
The terms "Industry 4.0" and "fourth industrial revolution" are frequently used interchangeably. It is distinguished by:
● Even greater automation than in the third industrial revolution,
● The linking of the physical and digital worlds via cyber-physical systems made possible by Industrial IoT.
● A transition from a centralised industrial management system to one in which smart goods dictate the manufacturing stages,
● Closed-loop data models, control systems, and so on.
● Product personalization/customization
The objective is to allow autonomous decision-making processes, real-time asset and process monitoring, and equally real-time connected value creation networks through early stakeholder participation and vertical and horizontal integration.
In short Industry 4.0 is an evolving vision, policy, and idea, with reference designs, standards, and even terminology in flux.