| |January 20198CIOReviewTHE GREAT GAMBLE ­ INDUSTRY 4.0By Dr. Rishi Bhatnagar, President, Aeris Indiaevolutions in the manufacturing industry have been taking place since the 1700s with the emergence of mechanization transforming the way things functioned, and then with the emergence of new sources of energy such as electricity, gas, oil & nuclear energy. Now the industries are going through the fourth revolution with the convergence of Internet of Things in industrial machinery popularly called Industrial IoT (IIoT) or Industry 4.0. It is predicted that the value created by Industry 4.0 worldwide will be USD 1.28 trillion by 2020.Industry 4.0 is a blend of advanced analytics, Big Data, Robotics & Automation, Artificial intelligence, Internet of things (IoT) and Process Digitization across the Business Value Chain. With billions of connected things expected in the future, we will accumulate more data than ever. With such a major ongoing revolution, the impact on manufacturing industry will also be tremendous as it is responsible for producing over 18 percent of the world's goods. With the intelligence brought to the table by IoT, machinery will be enabled and programmed to work in unison to improve production on an assembly line. IoT and connectivity of machine to people and machine to a machine would tighten supply chain and reduce lead times. Application of robotics & automation would shorten production life cycle, reduce time to market and optimum utilization of resources. It is predicted that the total manufacturing production growth will increase by 15 percent while decreasing the costs by 30 percent if the manufacturing enterprises incorporate the automated machineries. From a marketing perspective, mass customization and interconnectivity of the products will open-up new markets and increase operational and monitoring efficiency by aiding enterprises to monitor assets, analyse real time data for predictive failure RAeris is an IoT solutions provider with a complete technology stack--from an online management portal to an application enablement platform. The company strives to fundamentally improve businesses by dramatically reducing costs, accelerating time-to-market, and enabling new revenue streams.IN MY OPINION
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