Industry 4.0

by Dr Troy Coyle, CEO, HERA Our world is changing. Climate change and pandemics have garnered much attention but there is another revolution underway. One that is likely to change the very fabric of the way we live and work. It is called Industry 4.0 and is the next stage of the industrial revolution. In 1794, the industrial revolution forever changed manufacturing with the introduction of the mechanical loom. Things changed fast. A mere hundred years later the first production line enabled mass production. Jump forward another hundred years and we witnessed the birth of industrial robots, that together with advances in electronics and IT have automated much of the manufacturing process. Today, we are entering a new age – Industry 4.0 – the age of cyber-physical systems; the marriage of physical production, and smart digital technology. It is not sci-fi. It is not the realm of filmmakers and futurists. Change is happening now and promises to transform industry as much, if not more so than, the introduction of water, steam, and electricity did in the past. What is Industry 4.0? In essence, Industry 4.0 enables companies to have better control and understanding of their business. The new technologies save time, boost productivity, and reduce waste. A panacea for considerable and sustainable growth. A quick search of the internet will provide you with a mountain of anachronisms – IoT, IIoT, CPS, AI, Big Data – to explain Industry 4.0. It is a catch-all term that encompasses all the technologies that enable businesses to collect and analyse data to help automate and streamline their systems and processes. It promises faster response times, increased efficiency and profits, and better quality products at a lower cost. Impact of new technology HERA’s latest report in collaboration with BERL, ‘Modelling the potential economic impacts of […]