Industry 4.0 revolution

Abstract

Industry 4.0 pertains to the fourth industrial revolution that has been witnessed in the world of business. This revolution is distinct from the three that came before it, in light of its focus on digitisation, and the optimization of industrial connectivity and productivity through the same. The process builds on the dramatic improvements that have occurred in information and communications management systems subsequent to the third industrial revolution that took place in the 1960s, with the invention of the personal computer, semiconductors, etc. With massive improvements in the processing speeds of computers; the kinds of automation capabilities that have opened up for industries as a result of the same; the kinds of software and data management services that have been made possible by corporations which are experienced in this field, such as Microsoft, Accenture, etc. the concept has taken a firm hold of the entrepreneurial consciousness in the 21st century, and is only likely to continue growing in strength as time goes by.