Industry 4.0 (also known as the fourth industrial revolution) is affecting almost every industry worldwide. It is bringing to the fore diverse emerging technologies such as:
- advanced automation and robotics
- artificial intelligence
- machine learning
- sensor technology
- data analytics
- Internet of Things (IoT)
These systems - and new ways of working - present both potential opportunities and complexities for businesses. Business benefits of Industry 4.0 include productivity improvements, cheaper and faster customisation of products or services, better maintenance, and savings across labour or manufacturing costs. Common challenges, on the other hand, stem from legacy systems and operations, lack of knowledge or specialised talent.
It also highlights several examples of digital innovation in business. Finally, it gives you six tips for Industry 4.0 adoption to help you make the most of the digitalisation opportunities in your business.