How Industry 4.0 technologies are changing manufacturing

Experts worldwide including Tolga Akcay give us an insight into the industry of the future.

Physical, digital, and biological barriers were generally known as the Fourth Industrial Revolution. Artificial intelligence, 3D printing, quantum computing, and other technologies tried to make it. It’s the driving force behind a slew of goods and services that are quickly becoming vital in today’s world. Consider voice-activated virtual assistants like Apple’s Siri, tailored Netflix suggestions, and Facebook’s ability to identify your face and tag you in a friend’s picture.

Tolga Akcay, entrepreneur, business consultant and author, has put his expertise on paper, releasing successful books: THE BLOCKCHAIN COMPASS – Welcome to the World of Blockchain and THE AI COMPASS – Welcome to the World of Artificial Intelligence.

The following work by the author THE FATE OF GLOBALIZATION – IN THE NEW WORLD ORDER (about the consequences of the War in Ukraine, Industry 4.0, Great Reset and the resulting changes in the global economy) is already arousing great excitement.

The Fourth Industrial Revolution is setting the path for dramatic changes in the way we live and fundamentally affecting practically every economic sector due to this perfect storm of technology. It’s all occurring at a breakneck speed (which is why Tolga Akcay is active as a professional business consultant for his clients to stay up with rapidly changing customer expectations).

Starting of Fourth Industrial Revolution?

While the Fourth Industrial Revolution (also known as Industry 4.0) is poised to transform society in unprecedented ways, therefore it comprises the foundations of the previous three industrial revolutions. The invention of the steam engine in the 18th century ushered in the first industrial revolution, enabling for the first time the mechanization of industry and driving social transformation as people grew more urbanized.

Electricity and other technological advances led to mass manufacturing during the second industrial revolution. Computers and digital technology were born during the third industrial revolution, which began in the 1950s. As a result, manufacturing has become more automated, causing upheaval in finance, energy, and communications.

Klaus Schwab, the founder and executive chairman of the World Economic Forum and author of the book The Fourth Industrial Revolution, was the one who coined the term new revolution to describe today’s developments. The 4th Industrial Revolution, like earlier revolutions, has the potential to boost global income levels and improve people’s quality of life all across the world.

Transportation and communication costs will decrease, logistics and global supply chains will improve, and trade costs will decrease, all of which will create new markets and spur economic development.

However, the news isn’t all rosy. Especially in its potential to disrupt labor markets, the revolution might lead to more inequality. Furthermore, the employment market may become increasingly divided between “low-skill/low-pay” and “high-skill/high-pay” jobs, thereby exacerbating societal conflict.

Basic IIoT Concepts and Glossary of Terms

The industrial internet of things, or industrial IoT, is a term that refers to the internet of items used in industry. It’s an industrial framework for connecting and synchronizing many equipment and devices.

Software and third-platform technology advancements are essential to IIoT’s involvement in Industry 4.0.

As a result of the IIoT, more devices now have embedded computers. It allows devices to communicate and collaborate with other devices and regulators. Decentralized analytics and decision-making are the results.

The IIoT allows for real-time replies. When water levels reach a specific equilibrium, linked hot tubs order additional bromine, and pipes shut off when pressure climbs.

The most straightforward method to comprehend the Fourth Industrial Revolution is concentrating on the technology that drives it. The following are some of them:

Blockchain Technology

Blockchain is a decentralized, secure, and transparent method of recording and distributing data that does not need the use of third-party intermediaries. The most well-known Blockchain application is the digital currency Bitcoin. Other applications for the technique include making supply chains traceable, anonymously safeguarding sensitive medical data, and preventing voting fraud.

Artificial Intelligence

Artificial intelligence (AI) refers to computers that can “think” like humans. They can recognize complicated patterns, process data, draw conclusions, and make suggestions. AI is available in various applications, from detecting patterns in large amounts of unstructured data to powering your phone’s autocorrect.

Environmental Protection or Cyber Attacks

Industry 4.0 promotes connection and the use of industry-standard communications protocols. This connection requires safe, dependable communications, advanced machine access control, and user identification verification.

On the other hand, increased connectivity has resulted in a rise in cybercrime risks to critical industrial systems and production lines. As a result of Industry 4.0, attackers are increasingly targeting the industrial and energy industries. Cyber attackers will traverse across a manufacturing network to carry out destructive actions, bouncing between IT and OT systems.

Without sufficient safeguards, malicious individuals exploit systems for:

• intellectual-property theft
• production sabotage
• industrial espionage
• IP leakage

The recent hacking of Colonial Pipeline is an example of how cybercriminals may cause significant damage.

Sustainability

Regarding sustainability advantages (zero impact—lower-cost—social fairness), the introduction of Industry 4.0 presents the possibility of connecting technology with resources and talents. Based on the availability of footprint data and verifiable analysis, Industry 4.0 may lower the environmental effect, a process, or a service.

It also aids in leveraging improved function efficiency, such as resource consumption reduction. As a result, Industry 4.0 might help establish digitally sustainable operations that help achieve the SDGs. Furthermore, the advancement of innovative technology expects to impact sustainability.

Industry 4.0’s potential remains untapped, as does its influence on other sectors such as socio-environmental sustainability and the creation of prospects for Industry 4.0 realization via intelligent systems.

Business consulting

Industry 4.0 refers to the present state of data and automation interchange in manufacturing goods for use or sale employing machines, tools, and other equipment. The internet of things (IoT), cognitive computing, and cloud computing are all part of it. A smart factory is another name for it. Thanks to this technology, cyber-physical systems can collaborate and interact with people in real time.

Some businesses attempt to adapt to new technology, while others fail to educate themselves on recent advancements and so lose out on the possibility to lead the transformation. They do not adapt to the shifting technological scene. A firm that has begun this transformational path can compete successfully in the market while lowering expenses and increasing profits.

Global trade

The Industrial Revolution idea came up with Britain’s success in international commerce, which resulted in a high-wage, low-energy economy. High salaries and affordable energy fostered a need for technologies that might replace labor with capital and power. These incentives are available in a wide range of sectors.

About Tolga Akcay

Tolga Akcay is a successful business consultant, entrepreneur, and expert in the disciplines of digitalization, Blockchain technology, artificial intelligence (AI) and an author.

He studied business administration and earned a master’s degree in corporate management earlier in his career. After that, he received training in Germany and the United States, specializing in digitization, artificial intelligence, and blockchain technology in order to continue his business career. Currently, he works closely with business owners and managers in Europe, USA, and China to improve operations and efficiencies.

Conclusion

The primary promise of “industry 4.0” is both intriguing and stunning. It is supplying the industry with a revolution in digital system improvement. The benefits of an Industry 4.0 model may outweigh the concerns raised by many manufacturing facilities. The health and safety of human employees significantly improved in high-risk working conditions. When data is available at every production and distribution chain level, supply chains are more readily defined. Computer control might lead to much more consistent and safe production and productivity. Many firms might benefit from increased sales, profitability, and market share.