Gearing up for the next industrial revolution

Milind Padole, MD, Affordable Robotic & Automation

By Milind Padole

In the wake of the Covid-19 pandemic, the last two years have seen a drastic change in the way we work and lead our lives. With most of the countries locked down for the most part of 2020 and work from home or working from remote became a new norm. But obviously, that wouldn’t have been possible without the huge strides we have made in science and technology, that saw industry overcome the aftermath of the pandemic that couldn’t have been possible without technology.

With the beginning of the New Year, it is natural to look forward to a better 2022, after all that we’ve gone through since the novel coronavirus outbreak in 2019-end and early 2020 and its continuance throughout 2021. And with technology having sailed us through these years, it’s crucial to look at what technologies will drive Industry 4.0 in 2022.

But first, what is Industry 4.0? Also known as the Fourth Industrial Revolution, Industry 4.0 is all about making business smarter and more automated. While the first industrial revolution came with the advent of mechanisation, steam power and water power, the second centred around mass production and assembly lines using electricity. Subsequently, the third industrial revolution focused on transforming mechanical and analogue processes into digital ones, the fourth is aimed at deepening the impact of our digital technologies by making our machines more self-sufficient, able to “talk” to each other, and to consider massive amounts of data in ways that humans simply can’t, all in the name of efficiency and growth.

In an ongoing quest to deliver the value of Industry 4.0, it is necessary and also critical to boosting national and supranational pushes in a changing geopolitical industrial ecosystem, further driven by some of the larger players and alliances in the industry. Moreover, 4.0 technology spending is estimated at a CAGR of 14.72% between 2017 and 2022. The International Data Centre, which pegged the manufacturing IT spending in the APeJ region to reach USD 36 Billion till last year, sees an important role for China, India and the ASEAN countries, with Industry 4.0 as the key driver.

The Technology Drivers 

With the digital transformation of industry, data will soon become the foundation for new technologies. Moreover, it will be available in abundance. While digital solutions companies are already reflecting every step in industrial production, it is important to note that these sets are getting better interlinked digitally, to create extensive data pools. It’s not surprising that future technologies are facilitating the analysis and exploitation of these data pools in newer ways than imagined.

With everything going digital, digitisation has not only become imperative for most businesses, but also a need for people at large. As the rate of digitisation increases and its reach widens, we will have more immersive, believable and useful digital experiences. If we thought that virtual reality headsets expose us to a different experience, new technologies and devices in the coming years could very well not only improve our tactile sensation but possibly also odours and smells.

At the same time, the democratisation of data and technology is also said to be a crucial factor in the coming year. Irrespective of the level of competence and experience, many people have acquired the required knowledge and tools for tech-led innovation in recent years. The use of cloud solutions for computing, networking and storage, has helped reduce costs and the risk of setting up expensive equipment, everything has become a service in the digital arena.

Interestingly, the manufacturing industry is going through a huge overhaul as many manufacturers are going all out for their digital transformation. They’re not only finding ways to grow by creating smarter products, but they’re also harnessing the power of data and analytics to switch to service models, and exploring new avenues to generate revenue. At the same time, they’re also leveraging new tech like artificial intelligence, the Internet of Things and cloud computing to streamline their business processes and become more competitive.

Additionally, digitisation also helps businesses become more data-driven. This means using data for more accurate and informed decision-making. It also allows better forecasting and a shift towards new paradigms such as predictive maintenance and automation of processes such as logistics, inventory, production planning.

Even as the industry gears up for the future, it is critical to note that technologies can never be considered solely in isolation. Besides playing a key role in the companies’ success, they must also fulfil social responsibility, of improving people’s lives. Even though new tech helps us in minimising or removing errors and allow more space for creative tasks, they can’t replace people. And people must always remain the focus of attention.

Milind Padole, MD, Affordable Robotic & Automation
Milind Padole, MD, Affordable Robotic & Automation.