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VOL. 6, ISSUE 2 (2024)
Industry 4.0: The revolutionary wave of digital transformation
Authors
Shyam Kishor Yadav
Abstract
The rise of new digital industrial technology, known as Industry 4.0,
is a transformation that makes it possible to gather and analyse data across
machines, enabling faster, more flexible, and more efficient processes to
produce higher-quality goods at reduced costs. This manufacturing revolution
will increase productivity, shift economics, foster industrial growth and
modify the profile of the workforce, ultimately changing the competitiveness of
companies and regions. India has been gearing up for Industry 4.0, surpassing
another industrial revolution and lunging unwaveringly into the Internet of
Things. India is now the hotspot of most industrial activities made possible by
our IT stronghold. India today is prepared for connectivity, since it is very
well known as IT-hub for the world. Indian IT-companies and India based
subsidiaries of global IT-players produce smart software solutions for the
world. A great challenge for the future lies in the transfer of Industry 4.0
concepts and new technologies. None of the companies in India are fully
industry 4.0 ready. However, the companies that have adopted Industry 4.0 are
making considerable improvements both in process as well as in structures.
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Pages:28-32
How to cite this article:
Shyam Kishor Yadav "Industry 4.0: The revolutionary wave of digital transformation". International Journal of Finance and Commerce, Vol 6, Issue 2, 2024, Pages 28-32
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