Interviewtimes 
While the ongoing pandemic and subsequent nationwide lockdowns have been prime reasons for stress on the overall economy, the Digital India movement initiated by the government of India remained pivotal in providing a push to Industry 4.0 or the application of Advanced Digital Production (ADP) technologies.
Industry 4.0 is a complete revolution of old technologies with more automation, artificial intelligence (AI) and also bridging the gap between physical and digital world by enabling Internet of Things (IoT). The current trend of digital transformation has a vision of reaching the stage where one can enable the autonomous decision-making, monitor assets, value creation process as well as vertical, horizontal integration.
Industry 4.0 Applications
No doubt, there are industries which have already started preparing themselves for the Industry 4.0 and future, where smart manufacturing can enhance their business. However, there are some which are still denying or struggling to know how industry 4.0 can impact their business in the best manner as well as to find the talent respectively.
There are applications like recognizing key areas where manufacturers can identify which areas need attention and also can make their operations easily and quickly. Boosting logistics and supply chains where an already attached supply chain can adjust and accommodate with the new information inserted in it. For instance, sometimes due to weather changes there is a delay in logistics so it will adjust the manufacturing accordingly. Robots, there was a time that these can be afforded by large enterprises but nowadays these are also available in various sizes at affordable price as they help in moving the goods from warehouse and reduce costs. Another and the major application of 4.0 involves the IoT, through which equipment and tools will be much more advanced by using the insights of others using the same equipment.
Users of Industry 4.0
A moot question that arises, ]how you and your firm will get to know when and if the business needs an investment in Industry 4.0?’
There is a high competition with a lot of tech-savvy players in the market so that sector needs an enormous amount of Industry 4.0 in the field. Another user consists of the firms which are facing tough situation for talent acquisition, 4.0 can contribute to fill vacant jobs. As customer satisfaction is the new marketing way for various companies, the improvement of the same needs much attention from the fourth industrial revolution industry. The last and foremost use of industry 4.0 is for better and faster decision, you need real time insights about the business so that return on investment or profit can be predicted.
Features/Characteristics of 4.0
Niche and Vertical social networks: It allows manufacturers to immediately react and respond to changes in demand, stock or faults in equipment.
Horizontal integration via a brand new generation of world price chain network: It modifies a better level of transparency. Corporations will be able to find and locate issues much faster. Every aspect of the process will be recorded and assessed, analyzed at any time.
Through engineering across the complete worth chain: All the merchandise development
and producing activities square measure integrated and coordinated with the merchandise life cycles. New Harmony will evolve between expansion and production systems.
Transformation through rapidly changing technologies: The main premise of Industry 4.0 is to make association in nursing progressively autonomous and extremely psychological feature systems.
Furthermore, to accelerate efficiency it depends on technologies like machine learning, deep learning, advanced artificial intelligence and industrial IoT.
Challenges of Industry 4.0
There are sectors which still deny the acceptance of industry 4.0 as there are some challenges which enforce them to think before investing in 4.0. The hesitation in investment of the same is valid because of the existence of some challenges faced by industries like security and safety of data and information as cyber threats continue to escalate people. Next challenge comes from implementing and managing the new technology as everyone in the firm is not ready to accept it and new technology is not something which can evolve in one’s mind overnight. The other challenge consists of lack of unified leadership as cross coordination becomes difficult in that company.
Advantages of 4.0
Enable more competition: As the firms are still adjusting their supply chain, you should make investment in technology and solutions that assist in improving the operation. To remain competitive in the market, you have to possess the systems and processes in situ to permit you to supply a similar level of service (or better) to your customers.
More attractive appearance to younger generation: Firms that fully invest in latest technologies are able to attract more customers and talent.
Enable collaboration between teams: It helps in boosting efficiency and collaboration between teams and alter prognostic and prescriptive analytics, permit individuals together with operators, managers, and executives to leverage period of time, knowledge and intelligence to create higher choices while managing their daily responsibilities.
Cost saving & higher profit: Industry 4.0 helps to manage everything in the manufacturing processes and supply chain. It provides you access to the time period knowledge and insights to form smarter, quicker decisions for your business, which might ultimately boost the potency and gain.
Conclusion
The ongoing situation of Industry 4.0 defines the future and the technologies defined in the above opinion gives us a glimpse of pillars. Despite being initiatives by the government of India and several firms in digital transformation there are areas which are lacking in transformation. The necessity of digitalization is still not realized by various companies due to knowledge of the latest technologies. The overall perspective says that getting digital transformed is just not to introduce latest technologies in firms but also to provide the proper knowledge, useful insights, and giving live sessions about technology will help in curbing the digital illiteracy among people.
By Priya Saini
Alumnus, IIMC, Dhenkanal
