Industry 4.0 has been a buzz word, since 2017. Many might have perceived it as a marketing hype, but after attending global talk series on Industry 4.0 by a leading business school in NCR, I researched on this topic. And now, I can confidently say that the fourth industrial revolution is not a hype and is definitely here to stay. So, needless to say, each one of us should be aware of what Industry 4.0 mean?
Industry 4.0 to me is an extension to the Lean Principle. Lean was born out of manufacturing practices but in recent time has transformed the world of knowledge work and management. It encourages the practice of continuous improvement and is based on the fundamental idea of respect for people. The five principles are considered a recipe for improving workplace efficiency and include:
1) defining value,
2) mapping the value stream,
3) creating flow,
4) using a pull system,
5) pursuing perfection.
The reason for that being, while Lean Principle looks at removing waste in manufacturing, Industry 4.0 looks at reducing waste in the entire organization, its supply chain and within their customer network.
Industry 4.0 hence, is not just a solution you can buy or a standard you could adhere to. It is rather a cultural change that the engineering and manufacturing industries have been calling for. I am glad being a part of Symbiosis NOIDA fraternity where an International Conclave is being organized which will further enhance the knowledge in the global perspective.