Manufacturing companies are entering an era of profound change. The future is unfolding in an environment of evolving customer needs, digital connectivity and increasing complexity and risk. Exponential technologies and advances in materials are accelerating the pace of innovation.
This paradigm shift in manufacturing is creating new ecosystems which challenge companies to alter their traditional business model boundaries and rethink their strategies for growth.
There are many definitions of Industry 4.0 and interchangeable terms are currently being used, including smart manufacturing and Manufacturing 4.0.
Industry 4.0 is the integration of the Internet of Things (IoT) and relevant physical technologies, including additive manufacturing, robotics, high-performance computing, artificial intelligence and cognitive technologies, advanced materials, and augmented reality, that complete the physical-to-digital-to-physical cycle.
