The latest industrial revolution centers around the new world of smart, connected objects. This is the realm of autonomous factories and self-healing machines. This is the world depicted in the science fiction of the mid-twentieth century.
Through the convergent development of advanced computing power, sophisticated network technology, sensors, robotics, and analytic techniques, we are seeing the integration of systems both vertically and horizontally.
We are seeing machines communicating with other machines and making decisions based on real-time data. We are entering a time when new rules are emerging and business processes are being evaluated anew.
Much in the same way that previous revolutionary advances forced themselves into the awareness of business owners and managers, the time has come to face the reality of the industrial internet.
Of course, a unique thing about this fourth industrial revolution is that its benefits extend beyond the marketplace. Whereas previously advances were made by increasing the scale or speed of production, the new paradigm focuses on increasing efficiency, reducing resource consumption, and eliminating waste to find opportunities for greater profit.
The new industrial landscape of smart, connected devices will incidentally lead to a cleaner, safer, more sustainable planet. Industrial enterprises that have embraced the new paradigm have seen measurable results.
Real-time consumer data is helping companies be more responsive to the needs and expectations of their customers, and helping to eliminate gaps between supply and demand.