Development of intelligent tool for industry 4.0 readiness assessment

Abstract

Industries, which comprise of OEMs (Original Equipment Manufacturers)/MNEs (Multi- National Enterprises) and MSMEs (Micro Small and Medium Enterprises), play a crucial role in shaping the economy of a country due to their direct impact on employment and Gross Domestic Product (GDP). Over the years, each industrial revolution has been vital in boosting productivity and improving the working efficiency of industries, which has been possible because of the continuous advancement in technology. The recent advancements in technology wherein the focus is on attaining data, analyzing it and then taking autonomous decisions based on the results, have led to the fourth industrial revolution, referred to as Industry 4.0. Industry 4.0 can be defined as the union of information technology and operational technology, wherein, technologies such as Internet of Things (IoT), Cloud Computing, Big Data and Artificial Intelligence are utilized to implement Cyber Physical Systems for developing Smart Factories, in order for the industries to have benefits such as autonomous decision-making, optimized resource management, enhanced operational efficiency, proactive maintenance strategies, resilient supply chains and enhanced customer engagement.