Industry 4.0 refers to adoption of Cyber Physical system like Internet of Things and Internet of system. Key drivers includes High Speed Mobile Internet, AI and Automation- Max impact on Human Race, Data Analytics, Cloud Technology.
What is IR 4.0?
Characteristics of the latest Industrial Revolution (IR):
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- Merging capabilities of Humans and Machines.
- Game Changer across Industrial settings.
- Era of A.I, Biometrix, Renewable Energy, 3D printing
- 1st I.R – Used water and steam to mechanise production.
- 2nd I.R.- Used Electric Power to create mass production.
- 3rd I.R- Used Electronics and I.T to automate.
- 4th I.R- Application of Information and Communication Technology ( Cyber Revolution, 4 IR)
Implications of 4th I.R
- Remote Working
- Independent Business Decision
- Untapped Potential
- Searching for Mindset over Skill
- Gig Economy
- Recruitment Industry
Challenges of 4th I.R
- Loss of Jobs and Inequality in Society
- Climate Concern
- Reduced Human Interaction
- Impacts Govt Policies
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