We are in the 4th Industrial Revolution
Today, we’re at a juncture: Industry 4.0 is on the rise due to automation and the ubiquity of computing power and has spurred what many consider yet another Industrial Revolution.
Over the course of the 18th and 19th centuries, the Industrial Revolution drove new manufacturing technology that would fuel the economic growth of significant parts of the globe and a new standard of living for centuries. Steam power, machines of all types, interchangeable parts, and innumerable other advancements offered manufacturers unparalleled levels of productivity — and profitability.
Dubbed “Industry 4.0,” this new era of manufacturing bears many similarities to earlier revolutions — new technology builds on that of the past to automate and streamline previously manual, fragmented workflow processes. If Industry 1.0 represented the rise of water and steam power, 2.0 the advent of electric power, and 3.0 computing capabilities, Industry 4.0 harnesses the inter-connectivity of machines, processes and products. But tangibly, how can this latest revolution power manufacturers as they strive to remain competitive and agile?