Changing business scenarios
The world we live in has evolved over the last few years and this has been made possible due to the rapid advancement of technology in each field. This change is in fact driving the next industrial revolution – a phenomenon now termed as Industry 4.0. So what is Industry 4.0 and how is it expected to change the business ecosystem? The coming together of cyber physical systems, Internet of Things, Cloud Computing and Cognitive Computing has led to the emergence of the “Smart Factory” in this fourth industrial revolution. The fourth Industrial Revolution concentrates on the role of smart, connected technologies to improve efficiency and effectiveness of product and process design. Integrating all these together is data which is the key force enabling remote decision making.