Original article was published on Artificial Intelligence on Medium
In this blog, I will post my views and write about latest technology trends mostly related to the concepts and advancements in Industry 4.0 revolution which we are all witnessing and passing through irrespective of the fact that some of us are aware about it, and some let it go unnoticed. Now, it’s completely up-to you to notice it, see it, learn about it and experience it or just close your eyes like pigeons (doves) and believe that Industry 4.0’s can’t see you.
So, what is Industry 4.0 and Why should I care?
According to Wikipedia, “Industry 4.0 is a name for the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing”.
However, in layman terms, I can define it as, the new or current industrial revolution which leverages the combined power of physical, digital systems and modern technologies in such a way that machines would perform most, if not all of the work.
Internet of Things
It is the inter-net-working of things; where things can be anything such as “devices”, “buildings”, “cars”, “tables”, “chairs”, and the one(s) that “you are thinking of” right now or maybe later. All of these and any other thing can be connected via the internet. The Industry 4.0 (how the Germans call it) or Internet 4.0 (the way Americans name it) or the fourth industrial revolution can be attributed to unprecedented merger or connectivity of people, systems, devices, and of course the “Things” in the Internet of Things.
This results in new ways of doing business and thus creates new growth and revenue opportunities which can be realised by leveraging the interconnected devices and huge data (excuse me) I meant “big“ or “smart” data; that they offer and exchange between them. You are absolutely wrong; wait a minute…. That is an extravagatory statement, but honestly you are wrong if you believe that Artificial Intelligence, Machine Learning, Deep Learning, Big data , IoT and their family members are just buzz words. No, they aren’t, they have become everyday business and will continue to prevail more or even take over (in good sense and not in the one which is shown in movies) each and every industry soon.
First Industrial revolution started around 1780s and gave mechanical production facilities leveraging water and steam power.
Second era, started 30 years later and it brought: electric power to mass production
Third period of industrial revolution started in the late 1960s and provided electronics and IT.
Fourth paving the way for connected world, and devices. It means that physical systems will be controlled by automation systems by using Machine Learning, AI etc. . Human intervention will be kept to a least minimal, though there is a good and bad news in there. Good news is that we will achieve better performance, less reliance on humans and the bad news is that, machines will take over many if not most of the human, laborious jobs.
Although the full impact of this has yet to be seen but we can see what it’s potential and what has it given us thus far.
Some of the buzz words in Industry 4.0
- IoT connectivity
- Machine Learning
- Real Time Insights
- Predictive Modeling
- Streaming Analytics etc…
With advances in analytics, IoT, Data Science, Cloud Computing more customised, cheaper, and scalable factory solutions are possible and being invented. Technological advancements are revamping our day to day life and the way we perceive our lives. In the past, economy was affected only by only a few factors…. but today it is being impacted by technological breakthroughs as well other factors such as developments in business, supply chain, the global connectedness of the world. Consumer behaviour is far more important today than it was ever before if it was at all. By looking at such insights which are today known as predictive intelligence, businesses plan their operations and supply chain initiatives.
Consuming goods is easier than anyone could imagine. You can buy anything without leaving your home just from the comfort of the internet. That means more competition, and a high demand for customer satisfaction and better consumer experience. The business who lacks in meeting the expectations or are late will be left out alone in the dust. You have to be agile and adaptive to the changing customer needs. If you fail to answer the fast and frequently occurring dynamics, you better choose some other business which is ‘no business’. As a business you must be proactive, and dynamically evolving otherwise be ready to be perished or at least punished.
Major constitutional elements of Industry 4.0 are shown in the image below:
It is no doubt that Industry 4.0 is redefining many things, concepts and ideas that we were used to in the past. Some of the concerns include risks associated with machines taking over the roles otherwise done by humans. However, it is at the same time undisputed fact and unignorably pleasant phenomenon with which it offers the potential for positive, rapid and gigantic changes. In conclusion, I would like to make sure that you are rest assured that the future is about collaborative intelligence and not just machines taking over, as I have discussed in one of my earlier blogs on Augmented Huamn Intelligence.
Previously published at https://www.linkedin.com