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
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
Google Analytics in Only Three Numbers

Google Analytics in Only Three Numbers

Financial advisors and other professionals can decipher a lot of information from Google Analytics with three simple categories.

Marina Howell
Marina Howell 17 October 2016
Read more
Get a Complete View of Your Customer Journey in 5 Easy Steps

Get a Complete View of Your Customer Journey in 5 Easy Steps

Here's how you can get a complete view of your customer journey so that your email campaigns continue to win new customers.

Sophia Skinbjerg
Sophia Skinbjerg 18 October 2016
Read more
Omnichannel Retail: Personalizing The Customer Journey Across Channels

Omnichannel Retail: Personalizing The Customer Journey Across Channels

The reality for retailers today is that to be successful, omnichannel strategies are no longer an option but a necessity to stay competitive. Consumers want to engage with brands on social media, in a physical store, on an ecommerce site, through a mobile app, via email or through a phone call.

Larisa Bedgood
Larisa Bedgood 18 October 2016
Read more
How to Solve the Two Biggest Challenges of Social Media Marketing

How to Solve the Two Biggest Challenges of Social Media Marketing

Most small businesses spend more than 6 hours per week on social media marketing and more than one-third post at least once per day. Along with finding the time, the other biggest challenge professionals face is finding the right content to post. If you’re experiencing these challenges, keep reading because we’re going to help you solve them.

Melissa Darcey
Melissa Darcey 20 October 2016
Read more