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    Industry 4

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    Mico Cruz
    Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies including the Internet of Things, cyber-physical systems, cloud computing, artificial intelligence, and more. The benefits are increased operational efficiency, improved products and services, competitive advantages, new markets and economic growth, and improved lives. However, the downsides include high costs, high failure rates of initiatives, increased risks of cybersecurity attacks, a need for highly skilled labor which may reduce low-skilled jobs, and disruption to existing industries and markets.

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    Industry 4

    Uploaded by

    Mico Cruz
    12 views2 pages
    Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies including the Internet of Things, cyber-physical systems, cloud computing, artificial intelligence, and more. The benefits are increased operational efficiency, improved products and services, competitive advantages, new markets and economic growth, and improved lives. However, the downsides include high costs, high failure rates of initiatives, increased risks of cybersecurity attacks, a need for highly skilled labor which may reduce low-skilled jobs, and disruption to existing industries and markets.

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    Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies including the Internet of Things, cyber-physical systems, cloud computing, artificial intelligence, and more. The benefits are increased operational efficiency, improved products and services, competitive advantages, new markets and economic growth, and improved lives. However, the downsides include high costs, high failure rates of initiatives, increased risks of cybersecurity attacks, a need for highly skilled labor which may reduce low-skilled jobs, and disruption to existing industries and markets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    12 views2 pages

    Industry 4

    Uploaded by

    Mico Cruz
    Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies including the Internet of Things, cyber-physical systems, cloud computing, artificial intelligence, and more. The benefits are increased operational efficiency, improved products and services, competitive advantages, new markets and economic growth, and improved lives. However, the downsides include high costs, high failure rates of initiatives, increased risks of cybersecurity attacks, a need for highly skilled labor which may reduce low-skilled jobs, and disruption to existing industries and markets.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Industry 4.

    0 Technologies
    • The Interment of things (IoT)
    • Cyber-physical systems (CPS)
    • Cyber Security
    • Smart Factories
    • Cloud Computing
    • Cognitive computing
    • Artificial intelligence
    • Big Data and AI analytics
    • Autonomous robots
    • Digital Twin
    • 3d Printing

    The Benefits of Industry 4.0


    • Competitive Advantages: Industry 4.0 smart solutions and services offer a wide range of
    competitive advantages for organizations that are able to successfully launch these new
    strategies and technologies.
    • Increase in Operational Efficiency: The hope for Industry 4.0 is that the next generation
    of industrial revolution will drive even greater profitability for organizations, as they are
    able to squeeze greater output from the same resource input.
    • Better Products and Services: Whether it be product quality, safety, or customer
    experiences, Industry 4.0 will drive greater visibility and throughput for operations,
    allowing them to continue driving value for customers to retain business.
    • Growth of Markets and New Markets: With any technological revolution, new services,
    products, and software will be needed to support the transformation of organizations.
    This will create entirely new product categories, new jobs, and more.
    • Improving Lives Overall: With new technologies, higher profitability, and growth in
    economies, peoples' lives as a whole generally get better, with income rising, better
    health solutions, and overall a higher quality of life.

    The Downsides of the Fourth Industrial Revolution (4IR)


    • High Costs: Not only is technology a major cost to consider, but the expertise in enabling
    the technology to be implemented. Having the know-how in newer fields like IoT,
    Augmented Reality, and AI can lead to major budget constraints, not to mention a lack
    of understanding among all parties involved.
    • High Rate of Failure: The difficulty in launching Industry 4.0 initiatives is that there is
    often a lack of direction when it comes to establishing objectives. They are often cross-
    functional projects with many stakeholders, which can mean projects can become mired
    in conflicting goals and may simply sputter out.
    • Cybersecurity: People, products, and equipment is, and will increasingly be, connected
    to the internet. Although this gives us greater access to data via the cloud, it opens up
    opportunities for hackers to access networks.
    • Need for Highly Skilled Labor: Manufacturing, and industry as a whole, continues to rely
    on humans to enable production. However, with the move to digitally connected
    systems, there is a greater need for highly skilled labor, which may unintentionally
    reduce the need for low-skill labor.
    • Industry and Market Disruption: With new technologies available, existing solutions will
    eventually be phased out. Similar to the Blockbusters of the world, certain industries will
    be unable to survive what Industry 4.0 brings to market.

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