At the Manufacturing & Supply Chain conference and exhibition, Laura Morgan, Doctoral researcher, discusses industry 4.0, at the IOT & Industry 4.0 Expo.
Morgan started off her talk, discussing what industry 4.0.
“The term was coined in Hanover in 2011, and it really is an umbrella term that refers to the value that’s available from a number of adjacent technologies such as the Internet of Things (IoT), Artificial intelligence (AI), big data…and the scope of these opportunities are so large, that some people are starting to call this the fourth industrial revolution.”
Morgan went on to explain that for an industrial revolution to be successful there has to be a “widespread transfer resource of power” and an increase in productivity, stating that in 2018 KPMG had forecasted that industry 4.0 was going to add $4trillion to the global economy by 2020.
Morgan later stated that by examining previous industrial revolutions, two key insights can be taken away:
“One that leadership and technology, in order to achieve buy in they must be combined. The second is that the clues to an effective leadership are actually within the characteristics of the technology and its application.
“So if we’re looking at the characteristics of industry 4.0, we can start to maybe forecast what effective leadership needs to look like.”
During the latter part of her talk, Morgan discussed the various characteristics of industry 4.0:
“In this era technological development is no longer linear, it’s exponential…It’s happening faster than we’ve ever seen before.
“The second thing that’s happened is we’ve changed where this technological development is happening. It no longer happens in one specific room, one specific skill set. We’re seeing this across a wider range of industries. Some of them we don’t even have a name for them yet, it’s that new.
“Previous technological developments have always taken a modular form, but the technology itself has been able to slot into existing organisation infrastructure with minimal disruption.”
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