IN D USTRY 4.0 :
EX PLO RIN G THE
INTERSECTION OF
DIGITALIZATION
AND
THE NETWORKED
ECONOMY
Presented By –
Vitthal Goud
Under The Guidance –
Mr. G.R.Trikutkar
INTRODUCTION
In this presentation, we will explore the intersection of
digitalization and the networked economy and how it is
revolutionizing Industry 4.0.
We will discuss the benefits and challenges of this
transformation and how companies can adapt to stay
competitive.
WHAT IS INDUSTRY 4.0 ?
Industry 4.0 refers to the fourth industrial revolution,
characterized by the integration of digital technologies into
manufacturing and production processes.
This includes technologies such as Internet of Things (IoT),
Artificial Intelligence (AI), and Big Data. The goal is to
create a more efficient and flexible manufacturing process.
DIGITALIZATION:-
DIGITALIZATION IN INDUSTRY 4.0
Digitalization is a key component of Industry 4.0. It involves
the integration of digital technologies into all aspects of the
manufacturing process, from design to production to
logistics. This enables companies to be more agile,
responsive, and efficient.
TYPES OF
DIGITALIZATION:-
Process Digitalization :Process Digitalization involves the automation of business
processes using digital technologies. This type of digitalization
streamlines operations, reduces costs, and improves efficiency.
Examples include the use of software to automate accounting,
inventory management, and customer relationship management
(CRM).Process Digitalization allows companies to focus on their
core competencies and improve their competitive advantage.
Product Digitalization :Product Digitalization involves the integration of digital
technologies into products or services. This type of
digitalization enhances the value of products and services,
improves customer experience, and creates new revenue
streams. Examples include the use of sensors in cars, smart
home devices, and wearable technology. Product
Digitalization allows companies to differentiate their
products and services and offer unique value propositions to
customers.
Business Model Digitalization :Business Model Digitalization involves the transformation
of business models using digital technologies. This type of
digitalization disrupts traditional business models and
creates new opportunities for growth. Examples include
the sharing economy, subscription-based services, and
online market places. Business Model Digitalization allows
companies to create new revenue streams, enter new
markets, and improve customer engagement.
BENEFITS OF DIGITALIZATION
The benefits of digitalization in Industry 4.0 are numerous.
They include increased efficiency, improved quality control,
reduced costs, and greater flexibility. Digitalization also
enables companies to collect and analyse large amounts of
data to improve decision-making and optimize processes.
CHALLENGES OF DIGITALIZATION
While digitalization offers many benefits, it also presents
challenges. These include the need for new skills and training,
cybersecurity risks, and the potential for job displacement.
Companies must also ensure that their digital transformation is
aligned with their overall business strategy.
NETWORKED
ECONOMY:-
THE NETWORKED ECONOMY
The networked economy refers to the interconnectedness of
businesses, consumers, and the economy as a whole through
digital technologies. This includes the sharing economy, ecommerce, and digital platforms. The networked economy is
enabling new business models and disrupting traditional
industries.
ADAPTING TO INDUSTRY 4.0
To stay competitive in Industry 4.0 , companies must adapt to the
new digital reality. This involves investing in new technologies,
developing new business models, and upskilling their workforce.
Companies must also be agile and willing to embrace change in
order to succeed.
FUTURE OF INDUSTRY 4.0
The future of Industry 4.0 is exciting and full of possibilities. As
technologies continue to evolve, we can expect to see even
greater integration of digital technologies into the
manufacturing process. This will enable companies to be even
more agile, efficient, and responsive to changing market
demands.
CONCLUSION
In conclusion, the intersection of digitalization and
the networked economy is revolutionizing Industry
4.0. While there are challenges, the benefits are
numerous. Companies that adapt to this new reality
will be well-positioned to succeed in the future.
Thank You !