What is Industry 4.0?
We are now in the fourth industrial revolution, also referred to as Industry 4.0. It is a new era that has transformed how industries work. We have seen a massive digital expansion across the globe. Industry 4.0 involves the adoption of cyber-physical systems like the Internet of Things, Internet of Systems, and machine learning.
Industry 4.0 is revolutionizing in many ways. It has changed the way how companies manufacture and deliver their products. This significant change was only possible with the digitization of manufacturing. Manufacturers are integrating new technologies with the growing trend towards automation and data exchange within the manufacturing industry.
These smart industries are equipped with Smart sensors and advanced tech and wireless connectivity that not only monitors the entire production process but also helps in making autonomous decisions. In short, this should help in a total digital transformation. Even though some deny the Industry 4.0 revolution as merely a marketing gimmick, industries are changing that deserve our attention.
How Industry 4.0 will affect employment?
The rapid advances in the industry with the use of the latest technology like artificial intelligence, robotics, and blockchain have created uncertainty and fear of increased unemployment and inequality. As a result of Industry 4.0, millions of workers may need to switch occupational categories. While many jobs require a set of specific skills, with the growing automation many jobs will see an increase in the amount of tasks.
About 5% of global occupations can be replaced by automation. Also, one-third of tasks of about 60% of occupations can be automated. This will cause the workers to either find new jobs or upgrade their skills to meet demands.
What will be Industry 5.0 like?
While we know very little about Industry 5.0 but it said that it will involve robots and smart machines with interconnectivity which will provide faster response times, allowing for near real-time communication between systems. This will allow humans to be more creative and work smarter and better.
Many industries such as manufacturing, logistics and supply chains, agri-farming, and the mining and oil and gas sectors will employ smart robotics officers by 2025.
How far have we come?
We might have to look back 30 years from now to get a complete picture of how Industry 4.0 is revolutionizing. Computers were introduced in Industry 3.0. And now in industry 4.0, we are seeing those same computers interacting and communicating with one another to ultimately make decisions without human involvement.
Industries are quickly adopting new technologies and growing fast. As a result of the Industry 4.0 revolution, the industries are getting smarter each day as they get access to more data. Industries will become more efficient and productive and less wasteful. These same industries are also focusing on how to upskill their current workforce to take on new work responsibilities made possible by Industry 4.0 and recruiting new employees with the right skill set is certainly a challenge for them.
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