Currently, we are in the Fourth Industrial Revolution – Industry 4.0, which revolutionizes supply chain automation, monitoring, and analysis through smart tools and technologies. Industry 4.0 is driven by the Industrial Internet of Things (IIoT) and cyber-physical systems – automated, smart systems that analyze and control physical objects such as robots, machinery, and vehicles.
What is Industry 4.0?
The term 'Industry 4.0' refers to a revolution in digital value creation and is often used interchangeably with the ‘Fourth Industrial Revolution’. It is the applied digital transformation of the industrial value chain through the use of ‘smart machines’ and intelligent networking, powered by rapid information and communication technology development.
It marks the beginning of a new era of organization control in which cyber-physical systems are leveraged to create real-time capabilities for future-driven smart factories. Industry 4.0 is often defined as a booming trend in data exchange and automation in manufacturing.