While interacting with leadership teams across the globe everyone uses the buzzword INDUSTRY 4.0, While digging more into this I understood that everyone has their own understanding of the buzzword.
With my experience while working with various manufacturing industries INDUSTRY 4.0 is to make the industry smart.
How can the industry be smart?
According to me, the Industry can be smart by using technology effectively through
- Connecting people, product, process
- Collect data through connection
- Analyze the data and generate meaningful information
- Make smart decisions
How to use technology effectively?
We have all the latest technology available in the market that takes care of each point listed above.
->For connecting people, products, and processes: IOT
IoT or the Internet of Things is connecting people, products, and processes through the Internet and sharing data
-> Collect the data through connection: Big Data
Big Data is the act of accessing and storing large amounts of data
-> Analyze the data and generate meaningful information: Analytics
Analytics Analytics uses data and math to answer business questions, discover relationships, predict unknown outcomes and automate decisions
-> Make smart decision : AI & ML
machine learning is now able to guide better business decisions and more intelligent courses of action with minimal human intervention
So every smart manufacturing industry needs to adopt the technology to make it smart.