What is IoT in Industry 4.0?
Industry 4.0 refers to a new phase in the Industrial Revolution that focuses heavily on interconnectivity, automation, machine learning, and real-time data. Industry 4.0- encompasses Internet of Things (IoT)and smart manufacturing, marrying physical production and operations with smart digital technology, machine learning, and big data to create a more holistic and better connected ecosystem for manufacturing and supply chain companies.
IoT refers to the ability of devices to share data using the Internet. Making use of Artificial Intelligence (AI), sensors, chips and other tools are inserted into these devices. It brings about great convenience to users who can now control and operate their devices remotely, simply with the use of their mobile phones. This has upgraded our standard of living.
Some examples of IoT that are familiar to us includes:
- Wearable fitness trackers (Fitbit)
- Voice assistant in phone (Siri)
- Smart cars (Tesla)
- Smart home appliances (Robot cleaning appliance, door lock technology, light sensors, etc.)
and the list goes on.
Typically, IoT allows you to address potential issues before they become big problems, i.e. Predictive Analytics, Real-time Data, Internet-connected Machinery, and Automation can all help you be more proactive when it comes to addressing and solving potential maintenance and supply chain management issues.
It allows you to trim costs, boost profits, and fuel growth. Industry 4.0 technology helps you manage and optimise all aspects of your manufacturing processes and supply chain. It gives you access to the real-time data and insights you need to make smarter, faster decisions about your business, which can ultimately boost the efficiency and profitability of your entire operation.
However, increased connectivity also comes with security and privacy concerns as these devices are vulnerable to cyberattacks and data breaches.