Innovation is taking place rapidly, which is changing the demand level. Diversifying the supply chain with changing demand patterns is another challenge to meet. Industrial Revolution (IR) 4.0 is the new way to effectively manage the supply chain process with the updated conventional business model. The technology enhances the traditional business model and improves distance relations among companies and customers through well managed distribution channels, creates high-level customer satisfaction, and provides timely information in each stage of the supply chain process. Innovative technology allows companies to make more profit by saving time and making an additional product to meet specific demands cost-effectively. It is also reducing human efforts, which will be taking place by robotics soon. The industrial revolution is the new beginning of an environment where the supply chain will be managed by intelligent technology, improving the overall process of value chains.
Top1. Introduction To Industrial Revolution 4.0
The IR 4.0 is the “Fourth Industrial Revolution,” an ongoing process where we deal with complex hardware systems, software mechanisms, and big data centers in one particular product (Brettel, 2014). The advanced stage in the IR emphasizes different modes of interconnectivity, machine learning, meantime data, and automation in the supply chain process. It is called IR 4.0 because it consists of four industrial revolution stages, where each stage defines the changing technologies. The first stage is production methods to machines; the second stage represents the technology revolution; the thirst stage explains the digital revolution. At the same time, the fourth stage defines IR 4.0 strategy computerizing the manufacturing process real-time production improving the efficiency of the supply chain process overall.
IR 4.0 is also an intelligent engineering process connecting physical production & operation lines through new digital technology. Big-scale M2M (machine-to-machine) communication and the Internet of things (IoT) integrates for incremented automation, amended communication, and self-monitoring machines that can analyze and diagnose issues without human involvement.
Industry 4.0, sometimes referred to as IIoT or digital manufacturing, encompasses physical integration and operations with new digital technology, machine learning, and extensive data to create a more holistic and well-connected ecosystem for companies that fixate manufacturing and supply chain management. While every company and organization operating today is different, they all face a prevalent challenge—the desideratum for connectedness and access to authentic-time insights across processes, partners, products, and people.
New developments in extensive data and analytics platforms denote that systems can scan through big data sets that can be acted upon expeditiously. We are witnessing profound shifts across all industries, marked by the emergence of advanced business models, the disruption 1 of incumbents, and the reshaping of integration, consumption, conveyance, and distribution systems (World Economic Forum, 2016). IR 4.0 optically discerning factories become increasingly automated, and self-monitoring as the machines within are given the faculty to analyze and communicate with each other. This then free ups their human co-workers, granting companies much smoother processes that leave employees open for different tasks.
Investing in advanced technology (IR 4.0) will improve overall business performance and ameliorate manufacturing efficacy in the supply chain process while revolutionizing business operations. Industry 4.0 principles have been applying by companies; they have sometimes been rebranding. For example, the aerospace components manufacturer Meggitt PLC has branded its research project on IR 4.0. The digitization of industry 4.0 will affect the labor market, which is being in the discussion under labor 4.0.
1.1 Design principles
The design principles of IR 4.0 consist of the below components.
It is the ability of machines and people to connect and communicate better through the Internet of things (IoT).
- 2.
Information Transparency
The information transparency availed by IR 4.0 gives operators complete information to make vital decisions.
The technology provides a system facility to help humans in problem-solving and decision-making while having the skill to do the unsafe task.
- 4.
Decentralized Decisions
Internet of things can decide on their own and perform some tasks as independently as possible.