The fourth phase of industrial development is in progress, and 2019 is expected to be vital. Various companies are thinking about incorporating newer technological advancements in their businesses to improve efficiency and create a positive impact. Reliable communication line with machines is required to ensure seamless sharing of data; data from sensor measurements will give the control of signals present in the factory from the time of generation.
Some argue that industrial revolution 4.0 has not yet started because industries always make use of modern technologies, so it is difficult to assume that next level of revolution has begun, from the operations point of view this statement seems valid as automation and monitoring system exists from a long time in industries. IoT can be used to perform tasks like predictive maintenance, but similar activities are carried out by several wired and wireless devices. The mutual functioning of IoT, artificial intelligence, machine learning, and blockchain will fuel industrial revolution 4.0 which will reform the business models and the processes. The reforms in business model will ultimately generate revenue, add value to the business, and give relatable experience to the consumers. Blockchain will provide the necessary transparency in the supply chain; the main criteria are to get the right information that is reliable to the participants. Technological advancement like IoT in various sectors, smart cities, and connected transportation has to create an impact efficient for which data sharing must be set up.
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Factories are expected to use AI and help machine carry out more complex tasks, and through machine learning and digitalization, the companies will remain competitive in the market. Siemens is expected to invest $500 million in Dubai and Abu Dhabi to create more energy and improve its supply chain solutions based on its MindSphere platform. Digital technology and automation will not replace human force; instead, it will enhance the knowledge and skills of an individual. From IoT to data analytics, the tools are expected to digitalize the future factory, improve productivity, and reduce cost. The technology is expected to give better job satisfaction and improved consumer experience.