Nokia, Espoo, Finland
SYNCHROINFO JOURNAL. Volume 8, Number 5 (2022). P. 26-33.
The Fourth Industrial Revolution, 4IR, or Industry 4.0, conceptualizes rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation. A part of this phase of industrial change is the joining of technologies like artificial intelligence, gene editing, to advanced robotics that blur the lines between the physical, digital, and biological worlds. Throughout this, fundamental shifts are taking place in how the global production and supply network operates through ongoing automation of traditional manufacturing and industrial practices, using modern smart technology, large-scale machine-to-machine communication (M2M), and the internet of things (IoT). This integration results in increasing automation, improving communication and self-monitoring, and the use of smart machines that can analyze and diagnose issues without the need for human intervention. Amid the hype surrounding Industry 4.0, IIOT, and digital transformation, the introduction of Industry 4.0 has caused a bit of a culture shock for manufacturers. The benefits of data-driven manufacturing are far too significant to ignore and will enable many to deliver competitive advantages in an ever-competitive landscape. Digital transformation is about changing business models and about companies not just taking advantage of the huge opportunities created by these latest technologies but also preparing for their constant evolution. These new models for technology-enabled manufacturing have already moved into the implementation phase by many of the world’s top manufacturers. However, a great deal of hesitancy exists for many manufacturers to embrace the technology and modernization that solves these new challenges.
Keywords: fourth Industrial Revolution, Industry 4.0, M2M, IoT, communication
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