Components
The Fourth Industrial Revolution consists of many components when looking closely into our society and current digital trends. To understand how extensive these components are, here are some contributing digital technologies as examples:[26]
- Mobile devices
- Internet of things (IoT) platforms
- Location detection technologies
- Advanced human-machine interfaces
- Authentication and fraud detection
- 3D printing
- Smart sensors
- Big analytics and advanced processes
- Multilevel customer interaction and customer profiling
- Augmented reality/ wearables
- On-demand availability of computer system resources
- Data visualization and triggered "live" training
Mainly these technologies can be summarized into four major components, defining the term “Industry 4.0” or “smart factory”:
- Cyber-physical systems
- IoT
- On-demand availability of computer system resources
- Cognitive computing[26]
Industry 4.0 networks a wide range of new technologies to create value. Using cyber-physical systems that monitor physical processes, a virtual copy of the physical world can be designed. Characteristics of cyber-physical systems include the ability to make decentralized decisions independently, reaching a high degree of autonomy.[26]
Data
Data and analytics are the core capabilities of each component, driven by:[27]
- Digitization and integration of vertical and horizontal value chains — Industry 4.0 integrates processes vertically, across the entire organization, including processes in product development, manufacturing, structuring and service; horizontally, Industry 4.0 includes internal operations from suppliers to customers as well as all key value chain partners
- Digitization of product and services — integrating new methods of data collection and analysis–such as through the expansion of existing products or creation of new digitised products–helps companies to generate data on product use in order to refine products[27]
- Digital business models and customer access — customer satisfaction is a perpetual, multi-stage process that requires modification in real-time to adapt to the changing needs of consumers
Biggest trends
In essence, the Fourth Industrial Revolution is the trend towards automation and data exchange in manufacturing technologies and processes which include cyber-physical systems (CPS), IoT, industrial internet of things,[28] cloud computing,[22][29][30][31] cognitive computing, and artificial intelligence.
Smart factory
The Fourth Industrial Revolution fosters what has been called a "smart factory". Within modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions.[33] Over the internet of things, cyber-physical systems communicate and cooperate with each other and with humans in synchronic time both internally and across organizational services offered and used by participants of the value chain.[22][34]
Predictive maintenance
Industry 4.0 can also provide predictive maintenance, due to the use of technology and the IoT sensors. Predictive maintenance – which can identify maintenance issues in live – allows machine owners to perform cost-effective maintenance and determine it ahead of time before the machinery fails or gets damaged. For example, a company in LA could understand if a piece of equipment in Singapore is running at an abnormal speed or temperature. They could then decide whether or not it needs to be repaired.[35]
3D printing
The Fourth Industrial Revolution is said to have extensive dependency on 3D printing technology. Some advantages of 3D printing for industry are that 3D printing can print many geometric structures, as well as simplify the product design process. It is also relatively environmentally friendly. In low-volume production, it can also decrease lead times and total production costs. Moreover, it can increase flexibility, reduce warehousing costs and help the company towards the adoption of a mass customization business strategy. In addition, 3D printing can be very useful for printing spare parts and installing it locally, therefore reducing supplier dependence and reducing the supply lead time.[36]
The determining factor is the pace of change. The correlation of the speed of technological development and, as a result, socio-economic and infrastructural transformations with human life allow us to state a qualitative leap in the speed of development, which marks a transition to a new time era.[37]
Smart sensors
Sensors and instrumentation drive the central forces of innovation, not only for Industry 4.0, but also for other “smart ” megatrends, such as smart production, smart mobility, smart homes, smart cities and smart factories.[38]
Smart sensors are devices, which generate the data and allow further functionality from self-monitoring and self-configuration to condition monitoring of complex processes. With the capability of wireless communication, they reduce installation effort to a great extent and help realize a dense array of sensors.[39]
The importance of sensors, measurement science, and smart evaluation for Industry 4.0 has been recognized and acknowledged by various experts and has already led to the statement “Industry 4.0: nothing goes without sensor systems” [40]
However, there are few issues, such as time synchronization error, data loss, and dealing with large amounts of harvested data, which all limit the implementation of full-fledged systems. Moreover, additional limits on these functionalities represents the battery power. One example of the integration of smart sensors in the electronic devices, is the case of smart watches, where sensors receive the data from the movement of the user, process the data and as a result, provide the user with the information about how many steps they have walked in a day and also converts the data into calories burned.
