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Understanding the Concept, Evolution, and Key Technologies Shaping Industry 4.0

Understanding the Concept, Evolution, and Key Technologies Shaping Industry 4.0

Siriyama Kanthi Herath (Clark Atlanta University, USA) and Laksitha Maheshi Herath (New York University, USA)
Copyright: © 2024 |Pages: 31
DOI: 10.4018/979-8-3693-1363-3.ch002
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Abstract

One of the most revolutionary paradigms of modern industrial history, Industry 4.0, will be thoroughly explained in this chapter. The fourth industrial revolution's concept, history, and basic technologies are all addressed in this chapter, which also highlights how it will affect other industries such as manufacturing and automated procedures. Industry 4.0, or the “Fourth Industrial Revolution,” refers to a revolutionary period that is changing the way companies function and manufacture things. Due to their creative use of networked sensors and cutting-edge software, the intricate machinery and equipment of Industry 4.0, driven by the convergence of digital technology, data-driven processes, and intelligent automation, stand out. Industry 4.0, which encourages a complete, networked strategy in which intelligent goods collaborate for decentralized decision-making, forces businesses to review their strategies. Industry 4.0 creates intelligent, adaptable industrial ecosystems that can be optimized in real time by embracing big data analytics and the internet of things.
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1. Introduction To Industry 4.0

The "Fourth Industrial Revolution," also referred to as "Industry 4.0," represents an important shift in how firms perform their operations and produce goods and services. Due to the convergence of digital technology, data-driven processes, and intelligent automation, the industrial environment has undergone tremendous change. The newer, more powerful tools and machines with cutting-edge software and useful networked sensors that can be used to plan, anticipate, adapt, and regulate the social outcome and economic models are what Wang et al. (2016) refer to as the fourth industrial revolution. The fourth industrial revolution in science and technology has altered organizational structures and corporate models, leading to the development of new ones (Vărzaru, 2022). Environmental, Social, and Governance (ESG) reports also contain information on how a firm performs in sustainability and on weaknesses that may negatively affect the company. ESG analysis is likewise multifaceted, wherein the performance of a company is evaluated by existing environmental, social, and governance issues.

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