In the Era of Industrial Revolution 4.0

 

The fourth industrial revolution will fundamentally change how we live, work and relate to each other. It is the beginning of a new stage in the development of mankind that resulted from unprecedented technological leaps throughout the first, second and third industrial revolutions

Industrial Revolution 1.0

This is because during this time in history, at the end of the 18th century specifically in 1784, the world witnessed a major revolution called the First Industrial Revolution where steam power became the source for producing items using machines. The invention of the spinning Jenny ushered the world towards another major landmark in the history of human society for it spurred the first mechanized loom-making. This mechanized loom could thus be considered the turning point in history which changed the face of production and revolutionized the whole industrial setup.

Industrial Revolution 2.0

Speaking of later developments, the Second Industrial Revolution began taking place in the year 1870. The electric age saw the birth of mass production in the manufacturing realm which had a transformative impact on the whole of the sector. Among the important inventions realized in this period, there was the assembly line – the groundbreaking idea that improved substantially efficiency and productivity of the industrial sector. This consequently resulted in rapid industrialization which saw tremendous growth in different aspects of the economy.

Industrial Revolution 3.0

In 1969, we leaped into the Third Industrial Revolution. One can cite for instance machine programming in the field of computing technology that informed this particular revolution. They created an opportunity for progressive automation which transformed how the tasks were carried out in various industries globally. Hence, by introducing machine programming, industries achieved more efficient operations that fostered more advances in automation which determined the direction of further development in industrial production.

Industrial Revolution 4.0

He is the innovative founder of the World Economic Forum which conceived the idea of the Fourth Industrial Revolution. The Fourth Industrial Revolution introduced a new epoch when virtual and physical production systems merged on a global scale, demonstrating unique flexibility. In addition, one should keep in mind that the Fourth Industrial Revolution goes beyond just smart and interlinked machines and systems. It is spread out over many areas with numerous types of innovations that are taking place at the same time. Such fields include gene sequencing, nanotechnology, renewable energies, as well as quantum computing. The unique feature that distinguishes the Fourth Industrial Revolution from earlier industrial revolutions is the amazing combination of these advanced advancements and their complex interactions among the realms of physical, digital, and biological spaces.

The emerging technology of artificial intelligence is soon going to be one of the main catalysts for the major turnover in the economy, social order, and labour sector. Such revolutionary technology is anticipated to have significant implications in diverse parts of life. They are also presented in the following order.

Elements of Industrial Revolution 4.0.

Internet of Things (IoT)

Today, smart technology has joined together more than billions of devices and it is predicted that their numbers will be growing exponentially. In terms of potential, IoT can make life easier by increasing efficiency, optimizing processes and improving productivity altogether.

Robotics

It’s a domain that doesn’t stop changing and one that is constantly reshaping the human-machine relationship. In particular, this involves so-called cobots that work together with humans, sharing with people an infinite range of advantages. By helping reduce bottlenecked production, these cobots increase productivity in the overall process. They also mitigate risk in regard to the monotonous and dangerous work done by employees; this guarantees employee’s security and well-being. Soon enough, AVADAR is going to replace professionals.

Augmented Reality and Virtual reality

The two revolutionary technologies seamlessly blend the Physical World and the Electronic World. By revolutionizing the view of people, especially on behalf of the user or consumer towards the environment, this technology is offering an engaging experience that exceeds the constraints imposed by reality.

Data Bank

One does not need acres of land but rather more data to become the next billionaire or trillionaire. In reference to information, many have argued that knowledge is power and, in this regard, the fourth industrial revolution age presents as valid an argument as ever. In today’s world, the human body will need all other things for existence except food because the world has turned to a stage where food can be lacking but humans have an abundance of data.

Cloud Computing

Organizations or companies offering cloud services enable users to store their documents and software on other company’s servers dispersed over the different parts of the world. Eventually, the users can get access to this information through the use of the internet. Hence, the consumers do not have to be physically located at one point to access the data enabling them to carry out duties and duties at a distance.

3D and 4D Printing

The development of three-dimensional (3D) and four-dimensional (4D) printing in the manufacturing field is indeed revolutionary. In those olden days, coming up with prototypes of final products for commercialization used to be tediously slow. 3D & 4D printing has created a miracle for numerous professionals such as designers, architects and engineers in order to make their dreams real. Such an innovative technology became an irreplaceable tool in numerous spheres leading to great advancements and development.

Below are mentioned the advantages and disadvantages of the fourth generation.

Advantages

Competitive Benefits

Increased Operational Effectiveness

Enhanced Products and Services

Growth of Markets and Uncharted Markets

Improve human life and health

Disadvantages

High Expenses

High Failure Rate

Cybersecurity

Highly Skilled labour demand

Trouble in the Industry and Marketplace

The fourth industrial revolution isn’t just an eerie prediction of things to come; instead, it’s a rallying cry for us all. Encompassing this is a new approach towards the developing, spreading, government, or creation of sociable and applicable technologies to develop such an environment that promotes power, cooperation, and sustainability in support of economic growth and social transformation. This is an approach that adheres entirely to such values as equality of benefits, respect, human dignity, and inter-generational management.

This is a challenge whose implications for determining the course of the coming half-century are weighty. As pointed out by American President Biden in the meeting with CEOs of four major American companies - it's the time to think of the fundamental responsibility to make sure that we are secure.

Sajna Mini Mol, Assistant Professor of Commerce, Al Shifa College of Arts And Science, Kizhattoor, Perinthalmanna