What is Industry 4.0?
Industry 4.0 refers to the fourth Industrial revolution that has taken place in the history of humankind. The term puts emphasis on the advancement of digital technology that has emerged in the past few decades. With Industry 4.0, everyday tasks are carried out digitally and almost all businesses rely of technology in some form or another.
There could be hundreds of terms put on a list that relate to Industry 4.0, but here are 10 everyday terms that all businesses should know:
1. Internet of Things (IoT)
The Internet of Things (IoT) is the interconnection of all tangible devices such as computers, vehicles, software etc. that can access the internet, making it possible to collect, store, exchange or act on data using wireless technology.
2. Big Data
Big Data is an important business term to remember as every firm can benefit from it. It refers to the large amounts of data that is obtained from digital sources which can be used for analyzing every aspect of business for improving productivity and efficiency.
3. Cloud Computing
4. Artificial Intelligence (AI)
An Artificial Intelligence is a machine that runs on self-learning algorithms that allows it to process information and make rational decisions like humans. We have seen a lot of progress made in the field of AI and it could be the future of all things digital.
5. Enterprise Resource Planning (ERP)
ERP is a business-management software that allows organizations to collect, track, manage and analyze data from all its activities. Every business should consider installing an effective ERP system to help streamline all their business operations. A great example is SYSPRO ERP software.
6. Smart Factory
A Smart Factory refers to a highly-digitalized environment where the machine and equipment use artificial intelligence to make manufacturing and other decisions. It is practiced to eliminate manpower and boost productivity.
