Article

philip dwyer
philip dwyer 28 April 2016

Industry 4.0: What It Means to Global Industry and Consumers

We are in the midst of Industry 4.0 – the fourth wave of technological advancement which will fundamentally alter the way that industry and consumer ecosystems will evolve.

Not to put too fine a point on it, but the world's top 2,500 business leaders, international political leaders, selected intellectuals, and journalists met at the World Economic Forum in Davos recently to discuss the most pressing issues facing the world, of which, Industry 4.0 was front and center.

Industry 4.0 has been compared to the previous three industrial revolutions of 1784, 1870 and 1969, yet digital transformation will be unlike anything experienced before, with the likely speed, scope and impact disrupting every industry and consumer market across the globe.

We are now at an inflection point, driven by the ubiquity of both mobile and connected devices linking billions of people around the world, coupled with emerging technology breakthroughs in fields such as artificial intelligence (AI), Cognitive Internet of Things, Big Data, 3D printing, nanotechnology, autonomous vehicles and energy storage (amongst numerous others), and it is creating a new framework for industries and consumers alike.

Sensors, hardware, data and cognitive platforms will be seamlessly integrated along the value chain right up to, and including, the end consumer. This effectively provides for a ‘closed-loop’ ecosystem that connects to data centers, where millions of computer servers manage all that information. Add in AI, and you now have (near) real time data singularity that sends back commands to help deliver a truly customer centric offering.

Implemented correctly, this will provide significant competitive advantages to industry by:

  • Improving executive strategies as algorithms analyze big data
  • Enabling new business and/or operating models
  • Enhancing capital and resource efficiency with ‘sell-to-produce’ and just-in-time logistics
  • Facilitating personalization of both product and service experiences never seen before in the consumer space, where friction is removed and brand ‘stickiness’ is decisive.

In summary, the Industry 4.0 opportunity is not simply about how technology is incorporated into your business proposition, but how you use technology to re-imagine business to take a leadership position in customer value creation.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 22 September 2020
Read more
The Carrot of a Bigger Market is More Powerful Than the Stick of Legal Action in Driving Web Accessibility Investment, New Research Finds

The Carrot of a Bigger Market is More Powerful Than the Stick of Legal Action in Driving Web Accessibility Investment, New Research Finds

Getting web accessibility right is a massive commercial opportunity. The World Health Organization estimates that 1.3bn people worldwide are living with some form of impairment. The benefits of making it easier for...

Michael Nutley
Michael Nutley 30 November 2023
Read more
It’s Time For Brands to Move From Personalised, to Personal

It’s Time For Brands to Move From Personalised, to Personal

At a time when almost every brand is tailoring content and offers to individual customers based on their demographic data, purchase history, and online behaviours, are these personalisation efforts still adding value?...

Shafqat Islam
Shafqat Islam 27 November 2023
Read more
The 3 Most Important Stages In Your Presentation

The 3 Most Important Stages In Your Presentation

If you want to deliver a presentation on a particular topic and you have to prepare yourself for it you should make sure that you go through several very important stages in order to craft a compelling, persuasive and...

Nicky Nikolaev
Nicky Nikolaev 16 February 2016
Read more
McDonald's: the History and Evolution of a Famous Logo

McDonald's: the History and Evolution of a Famous Logo

McDonald's logo is one of the most recognizable in the world. What does the logo of this brand mean, how did it evolve and what is the secret to the success of McDonald’s fast food network?

Anna Kuznetsova
Anna Kuznetsova 24 October 2019
Read more