More than ever, data is taking a centre stage as we move further into what experts are titling the ‘Fourth industrial revolution’ or ‘Industry 4.0’ – and some say that the data, and the by-products of gathering and analysis of data is the fourth industrial revolution. Let’s unpack this a bit by going back in time. The first revolution was titled the Industrial Revolution, which used steam power to automize factories and travel; the second revolution introduced electricity as a means to accelerate industry. The third included the adoption of computers, robotics and the internet. Industry 4.0, or the fourth revolution, involves harvesting the information, ie. data, that comes from sensors, aggregators, cloud computing and the Internet of Things, to name a few, and making sense of them to create more profit and run companies, factories and organisations more efficiently. The advanced technologies that have evolved because of the fourth industrial revolution have severely disrupted industry and society by connecting processes and systems that were previously unconnected, creating new insights and innovation, and the rise of artificial intelligence. Due to the importance and centrality of data, the field of data science has rapidly evolved. Data scientists can now rely on machine learning models, computational algorithms and visualization to extract insights from massive data sets – to better understand what information previously disparate systems can offer them.
Efficiency and increased profits are not the only advantages of adopting an Industry 4.0 model, data-savvy companies are more attractive to talent; more competitive and are able to identify problems before they become an issue. The struggle to use data efficiently, however, is great. Almost 95 per cent of companies globally cite that unstructured data is one of their greatest challenges (Forbes). Companies who adopted Industry 4.0 practices early however, reported greater resilience to crises, including the Covid-19 pandemic, with 65 per cent of respondents to a recent McKinsey study saying that their perception of the value of Industry 4.0 was heightened since March of 2020.