Internet of Things (IoT), big data, cloud and artificial intelligence (AI) will all be a catalyst in the digital transformation within Industry 4.0. A report by IDC states that 70% of manufacturers will embrace digital transformation by 2020, with digital transformation helping to increase their revenues by 30% while cutting costs by 30%. Industrial digitization will ultimately shift traditional production, creating a digital industrial supply chain that will develop, manufacture, and monitor production in real-time.
A recent survey by MIT Sloan Management Group suggests that nearly nine in 10 business executives believe AI will provide them with a competitive advantage in the near future, offering new opportunities in business and potential revenue streams. Machine learning will go hand-in-hand with AI and automation. An abundance of international companies are identifying ways to apply machine learning to their business, providing the intelligence needed to boost their profits.
IoT is driving the volume of data produced within Industry 4.0. Many pioneering organizations are utilizing big data and IoT to fuel machine learning and AI initiatives, applying AI to IoT to help drive innovation and effectiveness.
Digital transformation is critical for success of manufacturers and organizations. Industry 4.0 will be the only way to cement the future of your organization within the industry and these digital transformation trends driving Industry 4.0 will be the first steps to achieving that status.