The digitalization of production or manufacturing process of products is named as Industry 4.0., in other words, it is called fourth industrial revolution.
Since the onset of fourth industrial revolution, a lot of challenges that existing in traditional or conventional industry have evaded and manufacturing processes have eased off.
However, every change brings set of challenges and that remains true with fourth industrial revolution or industry 4.0 as well.
In this article, we are going to analyze the challenges and opportunities brought by industry 4.0.
Challenges of Industry 4.0
Any technological improvement takes place to ease the human life, but the same technology at times brings forth perils to mankind. The deployment of robots, artificial intelligence may eat up the job opportunities for humans, thus leading to unemployment.
The fourth industrial revolution has already begun in Europe and the United States, however there is a wave of fear that the deployment of robots will be the end to work force.
Another challenge that is posed in the wake of fourth industrial revolution is, the data security or cybersecurity.
The more we rely on the technology, cybersecurity is at a stake. Thus, the businesses always have to be at the forefront of ensuring that they are safe from nefarious activities and cybersecurity is intact.
The more technologically advanced we are, our privacy is always at risk, the personal details that remains with companies, we would have no control over them with regards who can access them.
Moreover, another concern over the fourth industrial revolution- industry 4.0 is having a right regulatory guideline to protect the interests of businesses and consumers, ensuring bringing balance to in work and living.
These regulatory guidelines should support domestic and international business arena to ensure uniformity and hassle-free movement of goods and services across the globe.
Advantages of Fourth Industrial Revolution – 4.0
Any changes in industries serves us with the massive stirring of technology and first three industrial revolutions brought in paradigm shift from analogue technologies to digitized technologies.
The fourth industrial revolution- industry 4.0 is expected to bring in even more dramatic changes with regards to how the companies operate. The businesses are going to get absorbed so much in technologies like never before.
The automation of technologies leads to enhanced productivity, saves time and upkeeps uniformity and quality.
The real time monitoring with IoT and COBOTS ensures high quality standards.
The manufacturing companies produces more units in lesser time, thus saving the cost as well. It provides better working conditions as compared to the conventional work setting.
The supply chains will get more efficient, thus reducing the cost of trading goods in borders. The fourth industrial revolution, industry 4.0 allows you to work smarter with automation and technologies in place.
This will earn the loyalty and trust of consumers, improving the quality of life for all. Thus, the current industry 4.0 is considered to boon, but there is a fear of it turning a partial bane as well. That said, only time can let us know, how the fourth industrial revolution unfolds in the future.