The Fourth Industrial Revolution (or Industry 4.0) is a current trend of a new era of automated production and data exchange in factories that is the automation of traditional manufacturing and industrial practices, using modern smart technology in a series of social, political, cultural, and economic disruption in modern manufacturing, following the lean revolution, increased outsourcing. The Industry 4.0 is under developing environment trends and possible with some recent technological advances such as the internet of things (IoT), cloud computing, collaborative robotics, advanced production methods including 3-D printing, cyber-physical systems, virtual reality (VR) and artificial intelligence (AI) that will change the way of living and working, and will be driven largely by the convergence of digital, biological, and physical innovations. (Refer to the Smart Home; Smart Factory)
Reference Definition by Weforum.org: The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
Related Definitions in the Project: The Plant and Process Unit; Business Organisation
