The new technologies come with many labels—digital, analytics, automation, the Internet of Things, industrial internet, Industry 4.0, machine learning, artificial intelligence (AI), and so on.
Two formidable obstacles to using advanced technologies at a transformative scale:
The first challenge is the sheer number and breadth of technology solutions required to truly transform an enterprise, often in the hundreds.
The second one is redesigning a company’s processes to capture the value of new technologies, in line with its strategic goals. To realize this value, companies have to train people in R&D, procurement, operations, marketing, sales, support, and other areas to work in different ways.
4th Industrial Revolution
The 4th Industrial Revolution (Industry 4.0) is upon us. It is based on the marriage of physical and digital technologies. The basic principle of the 4th industrial revolution is that by connecting machines and systems, businesses are creating intelligent networks along the entire value chain that can control each other independently.
Modern information and communication technologies like data analytics will help early detection of defects and production failures, thus enabling their prevention and increasing productivity, quality, and agility benefits that have significant competitive value.