As described by the founder of the World Economic Forum, we are right now in the grip of the fourth Industrial Revolution. Companies are all too aware of this, so making moves accordingly to fit in to Industry 4.0. Governments likewise are taking steps to leverage the potential, notably by USA, China and Germany. While the third industrial revolution was about individual machines, this one is about combining several different ends to a common network. It incorporates IoT (Internet of Things), business analytics, cloud software, shared devices, digital platforms and sensors. Several businesses such as GE Digital using these technologies have already started saving immensely. The belief is that by 2020, it will lead to savings of over a billion US dollars. Digital champions are overall expected to reduce their costs by 16% and increase their revenues by 17%. The corresponding figures for the digital novices are 11 and 10% respectively. According to detailed business research carried out by PwC, the Asia-Pacific region is expected to see the largest percentage of digital champions at 19% of the players. Among industries, automotive is set to see the maximum number with consumer goods and industrial manufacturing being left behind with least adoption.


Uploaded Date:09 August 2018

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