Industry 4.0, or the fourth industrial revolution, typically refers to the evolution of the manufacturing industry to become “digitized” – to harness the power of collecting and using information in real time to create smart factories.
The goal is to sense and share factory, equipment and product status in real time with intelligent and self-aware machines (like robots) to drive increased efficiency and flexibility.
The digitization of the factory combines communications, information technology (IT) (including cloud storage and interaction), data and physical elements. Machines interact with humans as well as products and other machines. Integrated sensing delivers decision-critical data, and real-time information processing and communication drive profound changes in the entire industrial ecosystem. This “connected everything” environment enables companies to collect, store and use large amounts of data simultaneously; greatly enhances manufacturing processes; and creates a fully digital value chain .