INDUSTRY 4.0 – RELEVANCE IN CURRENT SCENARIO

During the last few years, Industry 4.0 concept has gained momentum and is considered a game-changer for the entire industry. Industry 4.0 encompasses technologies such as IoT, Cyber-physical systems, AI, and Cognitive computing. Industry 4.0 concept analyses data to identify patterns and insights in a short span of time. By using the Industry 4.0, manufacturers can optimize their operations quickly and efficiently by identifying the gaps in their system.

Now, when the whole world is suffering due to COVID-19, and people are only buying essentials, the industries are witnessing a huge fall in the demand for goods & services. After the COVID-19 crisis, industries will first try to run at a pre-crisis level without making additional investments. Industry 4.0 implementation may then take a back seat for industries as it involves huge investments. Some industries may still start with Industry 4.0 to make them better equipped and reduce OPEX in the long run. It would be interesting to see how industries perceive Industry 4.0 implementation in the short-term in post COVID-19 world.