Industry 4.0 is aimed at achieving efficiency through integrated smart systems, processes, sensors, data, analytics, and AI. It can be applied in key business areas including production, manufacturing, business support, and engineering. Industry 4.0 can support a holistic shift of production from a centralised to a decentralised model. The new ecosystem will allow smarter products, services, and plants that in turn might also support new business models and revenue sources.
However, realising the benefits of Industry 4.0 requires several technological layers including connectivity, an IoT platform, IoT as well as data analytics and AI to analyse the data generated by the machines. To stay competitive, companies must leverage the IoT and digitalisation to become much more agile and efficient.
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