Industry 4.0 (also known as the Fourth Industrial Revolution or 4IR) is the digital transformation of manufacturing industries through advanced technology integrations. This process is driven by the growth of data and connectivity, cloud computing and analytics, robotics, human-machine interaction, artificial intelligence, the Internet of Things, etc. Industry 4.0 leads to a rise in automation, predictive maintenance, self-optimization of process improvements, and enhanced customization of products.
How does it work?
The practical realization of Industry 4.0 can be illustrated by a range of examples. For instance, smart factories empower more informed decision-making due to technology-assisted data collection and analysis. This helps to reduce the risk of breakdown and decrease equipment downtime, i.e., the amount of time when production is temporarily stopped because machinery is not operating.
By adopting machine learning algorithms, businesses can minimize manufacturing errors and detect the existing ones at early stages, facilitating productivity. Meanwhile, real-time analytics aided by artificial intelligence allows for gathering the latest product usage data. This solution enables more personalized production, service, and communication between customers and a company.
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