Were you aware of the fact we are living in the middle of the Fourth Industrial Revolution?
The Fourth Industrial Revolution, or better known as Industry 4.0, was announced in 2015 by the German engineer and economist Klaus Schwab. The Fourth Industrial Revolution was the topic of the NGO World Economic Forum Annual Meeting in Davos-Klosters, Switzerland. Schwab emphasizes the advances in information technology and connectivity and the abrogation of human power in manufacturing processes.
We all know, the First Industrial Revolution started with the introduction of machines, chemical manufacturing, and iron production processes with the scope to increase the steam and waterpower. All in all, the first industrial revolution laid the basis for the modern capitalistic economy. The second industrial revolution was concerned with mass production and the use of electricity. The third one was characterized by electronics, IT systems, and automation, which set the fourth one’s prerequisites.
Therefore, Industry 4.0 is based on a cyber-physical system (CPS), a computing system that works thanks to a mechanism controlled by computer-based algorithms.
Transformed technologies have changed industries into smart manufacturing, which involve intelligent machines in their processes. What makes them so unique are interconnected supply chains: have you ever thought about machines making decisions on their own? What just a decade ago looked like a science fiction movie is now real. The introduction of robotics is also an upcoming theme in the Fourth Industrial Revolution.