four factors of production required for industrialization

Eventually, they will interact with one another and work safely side by side with humans and learn from them. They are becoming more autonomous, flexible, and cooperative. Manufacturers in many industries have long used robots to tackle complex assignments, but robots are evolving for even greater utility. In this way, Infineon can identify patterns that help discharge faulty chips early in the production process and improve production quality.

In an Industry 4.0 context, the collection and comprehensive evaluation of data from many different sources-production equipment and systems as well as enterprise- and customer-management systems-will become standard to support real-time decision making.įor instance, semiconductor manufacturer Infineon Technologies has decreased product failures by correlating single-chip data captured in the testing phase at the end of the production process with process data collected in the wafer status phase earlier in the process. This in turn will increase manufacturing productivity, shift economics, foster industrial growth, and modify the profile of the workforce-ultimately changing the competitiveness of companies and regions.Īnalytics based on large data sets has emerged only recently in the manufacturing world, where it optimizes production quality, saves energy, and improves equipment service. Industry 4.0 will make it possible to gather and analyze data across machines, enabling faster, more flexible, and more efficient processes to produce higher-quality goods at reduced costs.

These connected systems (also referred to as cyberphysical systems) can interact with one another using standard Internet-based protocols and analyze data to predict failure, configure themselves, and adapt to changes. (See Exhibit 1.) In this transformation, sensors, machines, workpieces, and IT systems will be connected along the value chain beyond a single enterprise. Now, though, we are in the midst of a fourth wave of technological advancement: the rise of new digital industrial technology known as Industry 4.0, a transformation that is powered by nine foundational technology advances. In the decades that followed, however, industrial technological advancements were only incremental, especially compared with the breakthroughs that transformed IT, mobile communications, and e-commerce. The steam engine powered factories in the nineteenth century, electrification led to mass production in the early part of the twentieth century, and industry became automated in the 1970s. Technological advances have driven dramatic increases in industrial productivity since the dawn of the Industrial Revolution. Technology, Media, and Telecommunications.

Four factors of production required for industrialization