Are you an ardent reader of industry-specific magazines? If yes, then you must have come across the term ‘industry 4.0’ several times.
It is a standard that has been devised by Niti Aayog, the policy ‘think tank’ of the Government of India. It aims to bring in the fourth industrial revolution.
Indian companies will have to include Internet of Things (IoT), high-speed data communications, the cloud and data analytics, artificial intelligence and machine learning to enhance productivity. Once these technologies are in place, then simulation, AR/VR, autonomous robots can be used.
Work dynamics has changed drastically and every industry, including the crushing industry, is adapting to it.
The various aspects of Industry 4.0 is definitely driving companies towards greater efficiency and employee productivity. Great leadership in Industry 4.0 will be decided based on how efficiently cross-functional teams are managed.
Assessing the demands of the business, developing a deep fundamental understanding of the opportunities and challenges can help companies map the concepts of Industry 4.0 with latest technologies. Setting achievable targets and milestones, with required flexibility will help in better implementation of Industry 4.0.
Experts believe that Industry 4.0 will give impetus to micro, small and medium enterprises that manufacture products used for digitisation and new tech.
It is widely expected that Industry 4.0 would impact automobile, pharmaceuticals, chemicals and financial services.
The change in the nature of the job, creation of new opportunities, ease of doing business and apt use of technology is what is expected most from the adoption of Industry 4.0.
Gear up for Industry 4.0!