Emerging Technologies in the Fourth Industrial RevolutionEmerging Technologies in the Fourth Industrial Revolution
Technology 4th Industrial Revolution
Technology 4th industrial revolution is characterized by the convergence of technologies such as 3D printing, human-machine interfaces and artificial intelligence. It is transforming the global manufacturing landscape and changing the way we work.
It blurs the lines between the biological, physical and digital worlds, with machines ‘speaking’ to each other and interacting with humans in real-time. The speed and scope of these breakthroughs is unprecedented.
Industrial Internet of Things (IIoT)
Industrial Internet of Things (IIoT) is a more advanced version of IoT that applies to industrial processes. It provides greater connectivity and data analytics to support automation, energy management, quality control and other business intelligence functions.
It enables companies to improve productivity and efficiency by lowering maintenance costs, increasing machine uptime and reducing waste. It also enables more precise production and quality control, as well as faster delivery times.
IIoT can be used in various industries to improve operations, including aviation, logistics, healthcare and more. For example, airlines use IoT sensors to track cargo and optimize routes. Real estate developer FMLY uses IIoT to identify potential equipment failure, which allows them to avoid costly repairs. They can also monitor equipment for abnormal behavior and improve maintenance procedures.
Robotics is the technology that makes it possible to build intelligent machines. It’s a vital technology for the fourth industrial revolution, enabling companies to automate processes and increase productivity. It’s also a major driver of smart factory processes and can help companies lower costs and improve quality.
All robots have a mechanical construction, a frame or shape designed to achieve a specific task. They use sensors to collect information and a control system to transmit signals to the mechanical structure, which then executes the desired action.
The most common applications for robotics are in manufacturing and transportation and logistics. However, they can also be used for tasks like customer service and healthcare. They can perform many jobs better than humans and provide significant cost savings.
Artificial Intelligence (AI)
Artificial intelligence is the process of building machine-learning algorithms that mimic human cognitive thinking and perform tasks such as sensing, reasoning, learning, interacting with their environment, problem solving and decision making. You may not realize it, but AI is already a part of your life – voice assistants like Siri and Alexa are based on AI technology, as are customer service chatbots that help you navigate websites.
AI is a powerful tool that can improve existing technologies – it helps automate models, detect new insights and optimize unique situations. It can reduce the risk of cybersecurity breaches, improve resource efficiency, cut down on maintenance costs and provide game-changing insights to drive growth and innovation. AI gets the most out of data through progressive learning algorithms that let the data do the programming.
Virtual Reality (VR)
The fourth industrial revolution (also called Industry 4.0 or 4IR) is a digital wave transforming global business. It is driven by a convergence of technologies, including the internet of things, machine automation and advanced analytics. It is also fueled by new and disruptive technology, such as blockchain, augmented reality and virtual reality.
These new technologies are disrupting industries worldwide and transforming societies. They are different from previous industrial revolutions because of their velocity, scope and systems impact. They are accelerating the world’s progress towards a more inclusive, human-centred future. However, they also pose challenges that need to be addressed. These include the risk of job displacement, security concerns and data privacy. They also challenge the capacity of companies to manage these changes. They need to develop effective strategies and harness these technologies.
Powered by several groundbreaking technologies, the Fourth Industrial Revolution (4IR) is building on the Third Industrial Revolution. It combines advanced manufacturing with cyberphysical systems—or intelligent computers—that blur the lines between the physical and digital spheres. These systems are connected to a network, which means they can gather and analyze data in real-time to improve processes, increase efficiency, and reduce costs.
In addition to helping companies streamline operations and automate workflows, these technologies are also enabling them to create more personalized experiences for their customers. Salesforce Chairman and Co-Chief Executive Officer Marc Benioff (2016) points out that cultivating a culture of trust with your customers remains essential to reaping the benefits of this revolution. Luckily, blockchain technology can help businesses build that trust. This technology allows for the secure sharing of customer data and improves transparency in supply chains.