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In addition, the pace of recognition of Industry 4.0 and policy transition varies across countries; the definition of Industry 4.0 is not harmonised. One of the most known figures is Jeremy Rifkin who "agree[s] that digitalization is the hallmark and defining technology in what has become known as the Third Industrial Revolution". [ 33 ]
The Ministry of Economy, Trade and Industry in South Korea announced on 10 March 2016 that it had aided the construction of smart factories in 1,240 small and medium enterprises, which it said resulted in an average 27.6% decrease in defective products, 7.1% faster production of prototypes, and 29.2% lower cost.
Work 4.0 (German: Arbeit 4.0) is the conceptual umbrella under which the future of work is discussed in Germany and, to some extent, within the European Union. [1] It describes how the world of work may change until 2030 [2] and beyond in response to the developments associated with Industry 4.0, including widespread digitalization. [3]
Incorporating modern CNC equipment in new manufacturing processes requires better trained employees with more exacting skills than were previously required in heavy industry. [6] Past manufacturing job consisted largely of physical labor and worker assembly line requirements, but in response to technological evolution are becoming tech-savvy ...
This connectivity allows for data collection, exchange, and analysis, potentially facilitating improvements in productivity and efficiency as well as other economic benefits. [ 1 ] [ 2 ] The IIoT is an evolution of a distributed control system (DCS) that allows for a higher degree of automation by using cloud computing to refine and optimize ...
A digital factory uses digital technology for modeling, communications and to operate the manufacturing process. This arrangement of technology allows managers to configure, model, simulate, assess and evaluate items, procedures and system before the factory is constructed.
It is a similar concept to industry 4.0, applied to value chain. The proponents of Service 4.0 claim that it is a major opportunity for service companies to make a leap forward in terms of efficiency and effectiveness, and an opportunity for service users to discover and benefit from new features, impossible to be delivered before this disruption.
According to Lonergan, the term IoT was coined before smart phones, tablets, and devices as we know them today existed, and there is a long list of terms with varying degrees of overlap and technological convergence: Internet of things, Internet of everything (IoE), Internet of goods (supply chain), industrial Internet, pervasive computing ...