Innovation & Industry 4.0

September 24, 2021

Tech Innovation 

The 21st century has accelerated investment in new advanced technological and the improvement around the application of existing technology called incremental innovation which is rapidly changing how organisations operate and how people interact within the world. The second category of innovation is radical innovations which is finding an entirely new way of doing something. Business leaders are now reinvesting and making smarter tech investment decisions such as incorporating 5G enhancement connectivity, artificial intelligence (AI) and machine learning, edge computing, Internet of behaviours (IoB), quantum computing, block chain, cyber security, human augmentation, distributed cloud, augmented reality (AR) and virtual reality (VR), robotics, 3D printing, autonomous vehicles. These innovation advancements during the digital revolution is allowing companies to remain resilient and refocus on growth even in adversity. Advanced tech innovation will continue to change our lives and the way we operate opening enormous opportunities for businesses worldwide.

Industry 4.0

The modern world has seen investment and collaboration in the 4th revolution that is quickly changing the landscape of industry called industry 4.0. Industry 4.0 is the digital transformation of manufacturing/production and related industries and value creation processes using modern smart technology. This is a new phase in industrial revolution that focuses heavily on interconnectivity, automation, machine learning and real-time data. It is inevitable that some jobs will be replaced by automation and robots, and the first jobs to go will be low skill positions. Industry 4.0 gives you access to the real-time data and insights you need to make smarter, faster decisions about your business, which can ultimately boost efficiency and profitability of your entire operation. Further investment solutions in industry 4.0 is occurring due to the following barriers in digital transformation such as lack of skills or talent to manage complex industry 4.0 structures, concerns regarding cyber security, other priorities for capital expenditure, lack of appropriate digital infrastructure, lack of knowledge of digitalization and how it can help the business. Skills required to excel in industry 4.0 are analytical ability, critical thinking, familiarization with new technologies, eager to learn about upcoming technologies, effective problem solving, both a team player and a team leader, ideation, innovation.