The Digital Transformation
The weekly news magazine “The Economist (19/5-17)” wrote about the data economy and its implications for society and organizations. The advancement in technology has led to the statement that “Data will replace oil as the most valuable resource”. As more devices will be connected to the internet – the volume of data is increasing and questions regarding analytics, antitrust and security is becoming more significant.
The statement that data will be classed as the new oil has been covered in reports from several sources including consulting firms. In this post we will give a brief introduction to the topic and the useful links to read for professionals. One year ago the founder of Alibaba Jack Ma gave an inspirational speech on the advancement in technology and the new business models constructed from data – see and listen to the speech by clicking here.
Industry 4.0 is referring to a new industrial revolution that is based on the advancement in digital technologies. Several leading manufacturing companies such as Bosch and Siemens are focusing on Industry 4.0 and transforming their way of working in the manufacturing setting. These companies are also focusing on their service offering to their customers connected to Industry 4.0
- A complex view of Industry 4.0 – published in the SAGE Journal and is free to access. Access the article by clicking here.
- The Capgemini Industry 4.0 Framework – Capgemini is an information technology company and has published several articles on this topic. Access the article by clicking here.
- Building the Industry 4.0 Enterprise – Pwc is a multinational professional service and in this report they share a worldwide survey focusing on Industry 4.0 topics. Access the article by clicking here.
With the evolving economy of data it is needed to interpret and analyze the captured data. With the development of new computing technologies, machine learning is a method of data analysis – focusing on the use of algorithms, pattern recognition and theory. These areas of usage are programmed into computers to perform tasks and learn from the data. This ability will be used to faster interpret and analyze data and be applicable in several aspects of businesses and everyday life.
- SAS is one of the leading companies in analytics and offer software and services related to business intelligence and data management. Read their insight about machine learning by clicking here.
- What every manager should know about machine learning – published in the Harvard Business Review online site. Access this article by clicking here
The Road Ahead
With the use of new digital technologies, everyday life will be more connected to the internet. Today, several companies’ business models are built upon services related to the internet of things. For industrial companies, there is a chance to become more efficient, productive and cost-effective. With the use of analytical technology businesses can get new visibility in, for example supply chain activities. With the Industry 4.0 evolution – manufacturing settings are transformed to become more efficient, safer and smarter. The interaction between humans, machines and processes will create both risks and opportunities. Cyber security, remake of existing jobs and data policy issues are some of the risks to this new industrial revolution. The fourth industrial transformation is still ongoing and the road ahead is still uncertain for many organizations. Will the outcome bring political and economic prosperity and truly transform our way of living and working?
Featured image By ChristophRoser. “Christoph Roser at [http://www.allaboutlean.com AllAboutLean.com” (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)%5D, via Wikimedia Commons