You might have heard about Industry 4.0. This is the term used to describe the times we live in at this very moment. It refers to yet another stage of the industrial revolution.
Industry 4.0 brings us brand-new revenue streams and some challenges to deal with.
To avoid confusing Industry 4.0 with Business 4.0, let’s start this article with a quick understanding of both terms. You may be familiar with more 4.0 terms, too, like globalization 4.0, which is a topic we’ll cover in another article.
Industry 4.0
If we were to pick just two words to synthesize the meaning of Industry 4.0, automation would be the first choice and Internet the second.
Automation
It’s Industry 4.0 that’s changing the way companies go about their business, including creating new and improving existing products, manufacturing, and distribution. Plus, it doesn’t stop there, as other business areas benefit from digital transformation.
Digital technologies for new business models
Artificial intelligence (AI) has greatly increased automation throughout the digital transformation and is now used almost everywhere.
Consider this. For businesses, AI is present in their “smart factories,” their marketing initiatives, customer engagement programs, and support systems, such as chatbots and data collection and analysis for tailored lead creation and communications.
AI is present in every app on your smartphone that you use as a consumer. Your smartphone applications may use AI without your knowledge to compute things, provide recommendations, and even make choices for you. You’ll use Siri on your iPhone, Mac, and Apple TV if you’re an Apple lover. That’s rather useful, isn’t it?
Internet
The Internet is the second term that describes Industry 4.0. Right now, it is capable enough to remotely complete many complex engineering tasks from home. The recent epidemic has shown this. Additionally, the degree of connection and automation gradually lower conventional management techniques.
Enterprise 4.0
Industry 4.0 gives rise to a new business model called Business 4.0. Integrate your online and digital platforms to enhance day-to-day company operations. You’re probably most interested in learning how Business 4.0 and digital transformation generate exponential value and profit for firms.
Incorporating electronic technologies
Business 4.0 is primarily centered on integrating digital technology in the age of the fourth industrial revolution to achieve operational excellence that is concurrently compatible with various departments. This may also allude to connections with other sectors collaborating on various marketplaces and having one thing in common: they are all global.
And as a consequence, possibilities and profit grow exponentially. True, it also introduces new dangers. But contemporary company executives are, so to say, taking the world by the horns by accepting risk and incorporating digital or online solutions. The future doesn’t hold much hope for those who choose not to do it. Only one path leads in this direction. Business 4.0 is here.
Current business practices
Therefore, digital technology is closely related to contemporary business practices, particularly if it uses the Internet. Mind you; it’s not simply sending emails.
Larger but simpler
Businesses build the whole exploiting ecosystems that enable mass customization of goods and new services to offer by integrating contact networks with online cloud computing, AI, and machine learning technology.
Simply said, everything simply becomes easier and larger at the same time.
A Roadmap for the Future
As you can see, business 4.0 is a concept that properly describes our present state of affairs. Industry 4.0 makes it feasible to create this model, which is a step toward the future.
It is difficult to disregard digital change for corporate survival. Going one step further, any business that decides to follow the Business 4.0 road may find itself lagging behind the competitors. Do you want that?