INDUSTRY 4.0: The rise of new Digital Industrial Technology

4.0 Industry

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The rise of new digital Industrial Technology is a transformation that makes it possible to gather and analyze data across machines, enabling a faster…

The rise of new digital Industrial Technology is a transformation that makes it possible to gather and analyze data across machines, enabling a faster, more flexible and more efficient process to produce higher-quality goods at low costs. This manufacturing revolution will increase productivity, shift economics, foster industrial growth and modify the profile of the workforce- ultimately changing the competitiveness of companies and regions.

In the period between 1760 and 1840. This represents the transition from skilled artisans making goods by hand to (relatively) unskilled workers using machines powered by a water wheel or steam engine. The transition mostly involved the mechanization of Industries.

The Second Industrial Revolution took place over the end of the 19th century and the beginning of the 20th from about 1870 to 1914 and the beginning of World War I. Unlike the first industrial revolution, which was characterized by the advent of new technologies, the second Industrial revolution had more to do with improving existing technologies and the synergies between them. The Second revolution mainly involved mass production by replacement of new technologies instead of the old old ones.

The Third Industrial Revolution, like the first, saw the introduction of disruptive new technologies in this case, automation and the computer. These advancements brought about monumental changes to manufacturing, enabling levels of precision (thanks to industrial robots) and accuracy (thanks to Computer Numerical Controls (CNCs), never before seen on the shop floor. The third revolution focuses on the computerization of the industries.

Industrie 4.0 is a name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. Industrie 4.0 is commonly referred to as the fourth industrial revolution.

Industrie 4.0 fosters what has been called a “smart factory”. Within modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions. Over the Internet of Things, cyber-physical systems communicate and cooperate and with humans in real-time both internally and across organizational services offered and used by participants of the value chain.

More strongly than previous structural equation modelling research, the results of the present investigation demonstrate the positive effects of this Industrial revolution on a variety of different services and business models, Reliability and continuous productivity, IT security, Machine safety, Product lifecycles, Industry value chain, Workers’ education and skills Socio-economic factors outcomes.

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