- Industry 4.0: The fourth industrial revolution.
- Rooted in digitalization, building on the third industrial revolution.
- Characterized by merging technology blurring physical, digital, and biological spheres.
- Aims for end-to-end digitization of all physical assets.
- Integrates assets into digital ecosystems with value chain partners.
- Driven by big data, high computing, AI, and analytics.
- Relation to Smart Manufacturing:
- Industry 4.0 is the next phase in bringing together conventional and modern technologies.
- It creates “smart factories”.
- Smart factories have digitally connected machines that learn from data.
- These machines can make autonomous decisions.