A trove of transformative technologies: Industry 4.0

Observer

4 days ago

The human race has progressed through a series of industrial revolutions. It started with the first industrial revolution that brought in steam and mechanization in the 18th century, followed by the rise of electricity in the second industrial revolution. The world experienced digitalization in the 70s during the third industrial revolution. Now we are experiencing the technologies of the fourth industrial revolution.
The fourth industrial revolution has transformed how we think, work, behave, interact, and perceive the world. It is a fusion of physical, biological, and digital systems. The dominant technologies of the industrial revolution are artificial intelligence (AI), robotics, augmented reality (AR), Internet of Things (IoT), and 3D printing. It has also empowered businesses with real-time data exchange and intelligent automation across industries.
Industry 4.0 promises transformative benefits across sectors, such as enhanced productivity and customization, innovation and entrepreneurship, healthcare advancements, educational opportunities, sustainability, and the creation of new business models. Despite its promise, Industry 4.0 introduces significant risks: employment disruption, income inequality, privacy and security, trust and social cohesion, and global inequality.
The relevance of Industry 4.0 comes with a multiplier effect. With the extensive growth and increased usage of AI across business verticals and industries, the integration of AI with other technology tools has enhanced value creation across sectors. Today, AI has become the driving engine of Industry 4.0. Businesses have leveraged the integration of artificial intelligence and machine learning to predict and prevent machine failures, optimize production and supply chains, enhance product quality and customization, and ensure energy efficiency and sustainability. The indelible mark of Industry 4.0 is the ability of machines to process vast amounts of real-time data by using advanced computation processes to provide immediate responses to businesses and industries, where split-second decisions can drive significant improvements in safety, productivity, and competitiveness.
Some aspects of Industry 4.0, which are less known, are the environmental paradox. For instance, it helps optimize resources, reduces energy use, and accelerates electronic waste production. The rapid obsolescence of smart devices at a quicker pace than the evolution of e-waste management strategies is causing environmental damage. Industry 4.0 enables the deployment of 'smart dust'—tiny, networked sensors that can monitor everything from factory floors to supply chains. While this improves efficiency, it raises concerns about pervasive surveillance and privacy, especially as these sensors become smaller, cheaper, and more widespread.
Industry 4.0 adoption has exacerbated the digital divide, as many small and medium enterprises across the globe lag in adopting these technologies. In some countries, less than 20% of SME's are implementing the technologies of industry 4.0, and they highlight the significance of the digital divide and fear that this divide could widen economic inequality.
Another capability of Industry 4.0 is to enable businesses to adopt mass customization, which refers to the ability to generate and create highly individualized products. This could further develop problems related to supply chain complexity, inventory management issues, and increased costs.
Rather than being a technological shift, the fourth industrial revolution is transforming societies. If governments, professionals, industry, and academia do not distribute benefits inclusively and address issues like ethical governance and cybersecurity, the world could experience a global dilemma. History is witness to the reshaping of societies of previous revolutions, and the fourth industrial revolution also presents both unprecedented opportunities and formidable challenges for the future. The indelible mark of Industry 4.0 is the rise of a tectonic shift in the conceptualization, creation, production, and distribution of products and services that are technology-enabled in every process and operation to scale to new heights of efficiency, effectiveness, and productivity.