Industry 4.0 is upon us, and it’s shaping the way we’ll live and work in the future. However, while industry is constantly transforming, our technologies and attitudes are still growing, which poses the question:

Will we be ready for the Fourth Industrial Revolution?

The current climate

It’s estimated that efficient manufacturing will increase productivity and resource efficiency by 18% in the next five years, as well as reduce investors and costs by 2.6% annually. That’s a huge reduction in costs to a minor or major business.

IIoT adoption alone could allow the US to gain $7.1 trillion in cumulative GDP by 2030. A combination of IIoT, blockchain technology, artificial intelligence and automation will transform the industry as we know it. However, in its current state, the technological climate isn’t quite prepared for Industyr 4.0. To move towards it, and to ensure its success, we need to nurture innovation, the adoption of nascent technologies, and a smarter way of working.

A move towards a better future

Industry 4.0 comprises of a combination of manufacturing, smart factories and smarter work. To get to a smarter, more digital industry, we must implement these technologies within our businesses, whether on a smaller or larger scale. Even implementing something basic such as data automation can help your company – and the industry as a whole – move towards a more efficient way of working.

The question of ‘are we ready for Industry 4.0?’ is less based around technology and more based around fundamental attitudes. The attitudes of business owners and executives towards digital transformation will pave the way for the success of the Fourth Industrial Revolution.

To ensure the success of the Fourth Industrial Revolution, we need to ensure that, at its core, is collaboration between businesses, between workers and between people, to create a smarter industry.

At Blockhead Technologies, we’re setting ourselves ahead of the Fourth Industrial Revolution with STAMP, a blockchain-enabled data tracking platform. Interested in finding out more? Click here.