Businesses thrive for technologies which show them the glimpse of how the future is going to look like and how are there consumers likely to adapt with these changes. They tend to invest in technologies that have the ability to connect people and machines in an innovative way and without going too further, let us tell you that one of such emerging technologies is Industry 4.0 in the present world. For those not knowing, Industry 4.0 technology is an amalgamation of several cutting-edge technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Robotics.
What’s the best thing about Industry 4.0 technology which makes it unique, special and superior to other technologies is its capability to develop a new environment of industry collaborations. Even the traditional and old-school manufacturers have been benefited to a greater extent by Industry 4.0 through its utilization of next-gen technologies and executing them in the production units. One of the most common examples is association of software companies, robotics suppliers and end consumers. The companies can take use of sensor technology to keep an eye on the robots in the production line to lower down errors and accentuate production capacity.
However, there are certain myths prevalent in the society regarding Industry 4.0 technology, predominantly that it could eliminate jobs across various sectors. Well, in order to search for this answer, let’s go down the memory lane. Do you remember the time when e-mail service was introduced, a lot of people were of the opinion that it would destroy the paper companies which would result in mass scale unemployment. However, nothing like this happened ever, in fact the revenue of paper industry increased in Africa and Latin America, claims a study published in the Journal of Forestry in 2016.
Hence, on the similar lines, it can be stated with utmost assurance that Industry 4.0 technology will not only help in rising employment but also provide quick solutions to complex issues with zero percent error. So, looking at the bigger picture, it is safe to say that industrial revolutions and technological transformations never cease the demand and increase unemployment but they enhance the demand and provide new employment opportunities. And, not going much further, a recent study in Germany has proved that adoption of Industry 4.0 will lead to an expansion in their workforce.
The reason Industry 4.0 technology will expand the workforce is that it will create a more competitive atmosphere in the whole market with productivity also getting a hike. Though, we agree to the fact that extensive use of robotics and computers will certainly get rid of several jobs in assembly lines but they will be over compensated with almost double number of job requirements in various other fields such as IT, analytics and robotics. Though, there are still a few challenges like IoT security, on-boarding and education of workers but work is being done to improvise.
If we talk specifically about the Indian market, Industry 4.0 technology has not reached to the masses yet. Engineers are still working on leveraging the full use of this technology so that it can help industries in the country. It is evident that India is one of the world’s largest manufacturing hubs and if Industry 4.0 can be utilized properly, it could bring in a drastic change. The condition of the industries, products and workers will witness a radical improvement with accidents and errors minimized. So, huge efforts are being made to mainstream it and even penetrate semi-urban industrial cities.