In this new series we look at Industry 4.0. Not as a marketing term, but in an actionable way so that you can begin or continue to prepare your company and participate in the many benefits. In this first article of the series, we start at the beginning and look at the state of readiness.
By now we have all heard about Industry 4.0 also known as the Fourth Industrial Revolution or sometimes also referred to as The Industrial Internet of Things or IoT. While there are differences between each, the term is readily used interchangeably. Generally, the terms are used as a marketing tag for products, services and as something to aspire to in the media. But what is it really? Put simply it is a way to automatically facilitate the exchange of data between individual stakeholder processes throughout the supply chain. The benefits of a connected value chain are significant. Imagine, a consumer ordering a customized product online, where the order goes directly to an automated manufacturing system without the need to have any discussion by the buyer or manufacturer.
