Reading Industry 1.0 journey and boarding till its version 4.0 could be long-drawn stories. The history of Industry 4.0 tracks the manufacturing industry from the industrial revolution to the digital transformation and beyond. The trend has changed, and so is the focus of the industries.
Just a few year’s spans time, computer technology has advanced to a level where terabytes of information can be stored remotely over cloud infrastructure and transferred around the world within minutes. Computer memory and sensing capabilities are being utilized in machines and appliances. Minds of the manufacturers across all industries are concentrating on enhanced household technology and industrial automation; which is now interconnected and operated by voice, touch or programming prompts. Technology evolution is all set to take over some of the most massive, demanding tasks in the world.
Fourth Industrial Revolution (or Industry 4.0) using smart technology, focused on automation of traditional manufacturing and industrial practices. Integrated machine-to-machine communication (M2M) and the internet of things (IoT) for increased automation, improved communication and self-monitoring, and the production of smart machines that can analyze and self-diagnose issues without any need for human intervention.
Thoughts evolved with Communication Industry Evolution
The communication industry played a key role in the evolution of all businesses. Manufacturing unit at the remote village can also sell/export their goods across the globe, using frictionless communication between Business and Consumers.
Let us look back at the 1980s, back then the market focus was more on FMCG and Retail markets. The communication sector started its First Generation with 1G and delivered analog voice. The next two decades were focused on communication industry evolution when Digital Voice (2G) was introduced, following most-loved Mobile Data (3G) services.
We are in Industry 4.0 phase, and so is mostly into the 4G LTE era. In the continuous and fast-changing landscape of the communications industry, 5G is the best bet one can make towards future growth. Information is the key source; data analytics and AI&ML are its drivers to success.
The necessity for upgradation - Why it matters for businesses?
If we look back at the start of the year 2000 and validate the number of companies that were on the Fortune 500, over half of them no longer operate now. The primary reason behind that is digital transformation. Businesses currently are digital-focused to reduce their operational costs, simultaneously Consumers as well are looking at different ways of purchasing products. This proves that companies need to have a core focus in the adoption of Digital Business Models and transform themselves. With this fast pace of technological evolution, those who do not transform just will not survive.
Future of Businesses: Digital Business Marketplace
Digital Business Marketplace Platform manages different business ecosystems, which enable users to buy, sell and self-administer stuff online. Organizations who implement such a platform expect that their number of Partners will double over the next two years based on the current trend. Hence, the Ecosystem platform is expected to be Industry agnostic and its members can have different Business models.
There are several Business Models available some of them are highly proven like Osterwalder, TM Forum, etc. It is advised to choose the right platform which is not specific to a single industry.
Over the next few years and beyond, the quick succession of technological innovations will become even more rapid, where manufacturing technologies and digital marketplaces converge to enable smart manufacturing of the future, and collaborative digital business ecosystems on the service offerings front.