By Jason Hanold

WHY ARE WE IN THE FOURTH INDUSTRIAL

REVOLUTION?

Image courtesy of Fancy Crave at Pexels.com

It is no secret that the business world has evolved and it continues moving. It is now a challenge for companies, employees and the market keep up with the latest news. The industry is the backbone of any country and represents 16 % of world Gross Domestic Product - GDP (The United States of America average stands at 20%) and 70 % of exports. For example, in Spain, the government has shaped an agenda for strengthening the sector, in order to restore its weight in the economy. To achieve this, it is crucial to renovate obsolete equipment and invest in new more digital processes. In this regard, the industry appears to be key 4.0. But what is the Fourth Industrial Revolution?

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

In the first place, it is important to have clear concepts. The Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly). Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. It is vital that companies of nowadays are up to the date on the market dynamics. Their managers, shareholders and coordinators should know what are the environmental demands to be always at the height of the dynamics. The issue is clear: adaptation and evolution mean success in business. Those are the issues that every CEO should consider to run a company.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

Let’s take a look at history In 1784, the first mechanized system that led to the first industrial revolution thanks to the hydraulic drive and steam was created. The second industrial revolution was marked by the appearance of the first conveyor belt in 1870, which led to the emergence of mass production and the division of labor, thanks to electrical systems. It was not until the arrival of the first programmable controller in 1969 when the third industrial revolution and the incorporation of electronics was reached to automate production.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

The fourth industrial revolution is marked by the digitization of production processes, thanks to the introduction of Information Technology and the Internet of things, and the use of new materials. Now, cyber-physical systems are the protagonists and can be customized mass production. But it should be noted that the fourth industrial revolution is not only marked by new methods for mass production, but also because of the labor force that already has other ways of operating, which can even be much more productive than those used previously.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

The industry 4.0 is the fusion of real and virtual world in factories, which means the application of information technologies to production processes. The facilities are autonomous and self-managed production chain, enabling a more flexible configuration that gives quick answers and efficiency to the market demand. Also, all the information is derived from the manufacturing process is available in real time in all areas within the company. The importance of merging the real world and the virtual industry is that by using software to develop and test virtual products before manufacturing errors are avoided and functionality is improved. As a result, the objects come to market up to 50% faster and with the same level of quality.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

All is possible thanks to the simulation of the product with a digital double. Companies can try different designs throughout the development chain. This approach was used in the Mars Curiosity Rover landing in 2012 which was simulated 8,000 times thanks Siemens PLM software. The Smart Data means that the increasing amount of information available is now unstoppable. In 2005, it was 130 exabytes to 462 exabytes and increased in 2012. Experts expect the data volume increase to 14,996 exabytes by 2020 (equivalent to about 15 billion gigabytes).

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

Information technologies, telecommunications and manufacturing are merging so that production is becoming increasingly autonomous. However, it is impossible to predict exactly how they will be smart plants in the future. One possible scenario is where machines are organized autonomously and communicate with each other, while the orders are directly applicable. People would remain essential thanks to his intelligence and creativity now to convey ideas or functions. Whether thanks to the virtual production of products, 3D printing tools or the use of robots interconnected, the fact is that the industry 4.0 is already a reality. In fact, there are nearby examples of this type of developments in the industry. In this type of production plants, products and machines communicate with each other and have managed to increase their production volume eightfold in the last 20 years. That is, humans and machines are more productive today if digitization is used in its processes.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?

Again, this evolution is not only evident in the production process, is also detected in the performance of functions in companies. Increasingly they are detected and new forms of contact, task development and one example is the way which you can find profiles of ideal candidates for companies.

Take a look at this article so you can find out why LinkedIn is the secret weapon at reaching new CEOs.

WHY ARE WE IN THE FOURTH INDUSTRIAL REVOLUTION?