Internet of Things (IoT)
What is Industry 4.0?
Fourth Industrial Revolution is all about managing the challenges and opportunities presented by digital transformation (IoT) through the use of internet technologies. Think of Uber and AirBNB to understand the impact and the speed of change.
Major change is inevitable as the trend to manufacture in low cost economies could reverse via the use of smart technologies. The impact will be felt across the entire local and global value chains in low and high cost regions. Industry 4.0 offers the ability to personalize customers needs into the production process real time, to integrate supply and distributor chains making it easier to improve quality and reduce fulfillment times.
What is IOT?
IoT is a collective term used to understand that current production and value chain of a business are going through a digital transformation. This goes beyond production automation and moves into the realm of merging the real and virtual production processes. These are often referred to as CPPS’s (cyber-physical production systems). The machines and computers then communicate via the internet to deliver real-time updates such as stock levels, production issues, on demand changes. This aims to deliver efficiency and optimization across production, purchasing, quality control, marketing and engineering control.
Where will IoT most likely have impact or provide value?
