Since 2011, we have been undergoing the Fourth Industrial Revolution, which is commonly shortened to Industry 4.0. Set to shape the future, Industry 4.0 is enhancing interconnectivity around the globe. As a result, it's likely our future will consist of automation and optimized manufacturing. However, data intelligence may provide a way for businesses to stay ahead.
Data intelligence is driving Industry 4.0. Take it from Mariette DiChristina, Chair of the World Economic Forum's Emerging Technologies Steering Committee and Editor-in-Chief of Scientific American, "Technologies that are emerging today will soon be shaping the world tomorrow and well into the future."
In other words, data intelligence is driving societal and economical change.
In the future, we can expect to see smart devices, data quality, and smart communication. Altogether, these facets of Industry 4.0 will allow manufacturers to rapidly respond to changing demand, inventory shortfalls, or equipment faults; help companies quickly locate and respond to problems through an organization-wide network and increase the amount of autonomous ecosystems acting as catalysts for the industry's future.
Gary Coleman, Deloitte Consulting's Global Industry and Senior Client Advisor, announced, "The Fourth Industrial Revolution is still in its nascent state. But with the swift pace of change and disruption to business and society, the time to join in is now." In other words, it's not too late to get ahead of the game.
Now is the time to develop a business strategy.
Companies who want to leverage the Fourth Industrial Revolution must consider their flow of data - both internally and externally. Furthermore, business leaders must understand their brand's use case, standardize business data and strategies, prepare an effective data structure, and focus on high-fidelity data creation and communication.
Even with this, it's still important for every business leader to consider how Industry 4.0 will impact their specific business. Will this result in requiring Industry 4.0 data from suppliers? Connecting all departments with digital thread? Other outcomes could even consist of making products and processes smarter and delivering component data to customers with digital twin capabilities.
Nonetheless, extend the digital thread beyond your internal strategies. Do you have a plan for your data following Industry 4.0?