What are the key disruptive trends of the so called Industry 4.0 (Fourth Industrial Revolution)? Discuss while highlighting the importance of innovation, Internet of Things (IoT) and Big Data for Industry 4.0.
The Fourth Industrial Revolution is also known as Industry 4.0. It is the automation process in the field of manufacturing and industries. The modern smart technology includes a machine to machine communication, the internet of things (IoT), improved communication, self-monitoring, smart machines production that will reduce human involvement in various sectors.
- It will immensely improve operational efficiency and facilitate remote management.
- The manufacturing industry installed with specially designed software-driven services and innovation in hardware would increase the variety of products.
- The collaboration between humans and machines can produce efficient outcomes in terms of productivity and quality of products.
- It will raise the income levels and quality of life of people around the world.
- The Internet of Things will allow seamless data transmission across all departments by connecting the systems with each other in the workplace.
- The highly automated technology may create job loss.
- The corrupt and violent section of the society could utilize the technological up-gradation for committing a crime, which will eventually create a threat to the security of the nation.
- The technological upliftment may lead to income disparity among the laborers by classifying them according to their skill set.
Industry 4.0 has several technological benefits in various industries. Considering the issue like job loss, malpractices, income disparity proper action needs to be taken to present the people an enjoyable experience with the technological revolution.