Industry 4.0, known for automation, digitization, and integration of various other technologies in manufacturing and other industries, is converging digital, physical, and biological technologies to transform industries in many ways.
The technologies supporting the growth of Industry 4.0 are:
- Automation and robotics in the manufacturing process streamline processes to improve efficiency and reduce the need for manual labour for repetitive tasks. The change also needs a skilled workforce for operating, maintaining, and programming these technologies.
- The Internet of Things is the interconnection of everyday objects via the Internet to enable the collection and exchange of data. In real-time, monitoring and controlling machines and processes can lead to predictive maintenance, reduce downtime, and optimise resource utilisation.
- Big data and analytics for data-driven decision-making are increasingly crucial for optimising processes, identifying trends, and making informed business decisions.
- 3D printing enables the creation of complex parts and prototypes through layer-by-layer material deposition. The technology reduced lead times for more flexible production and promoted innovation in design and manufacturing.
- Artificial Intelligence and machine learning enhance various aspects of manufacturing, such as quality control, forecasting, and supply chain optimisation.
- Cyber-Physical systems are leading to smart factories where machines, systems, and products communicate and cooperate seamlessly for smooth operation.
- Remote work and connectivity enable workers to manage tasks from different locations, leading to more flexible arrangements in a global work environment.
The impacts predicted as per the Industry 4.0 trends on the future of work are:
- As per a case study of a multinational in the plumbing sector, energy sensors are used in Industry 4.0 to reduce product consumption by around 40% and save over $200,000 a year in energy.
- According to the World Economic Forum’s estimation, 50% of all employees by 2025 will need reskilling to adopt new technology.
- Choices and autonomy are more important for workers with remote work, flexible hours, the gig economy, and collaborative platforms for communication, coordination, and social protection.
- As per some other studies, more low-skilled workers are going to be replaced by automation than high-skilled workers.
With the rise of new technology, a new revolution is also circulating across the market, altering the way jobs used to be. With every new change, new skills will be demanded profoundly, and some may need upskilling as well.
Digital technology is one of the futuristic technologies driving a positive cultural change in the company to be more productive and engaged with its customers and clients.