Last week, I had an insightful chat with the founder of a startup that specializes in computer vision. Kyle Tan, CEO and co-founder of the Singapore startup, Airsquire, which uses AI to create a time capsule of a physical space to help companies document and track business performance, shared his views on Industry 4.0.
It’s pretty obvious how Industry 4.0, also known as the Fourth Industrial Revolution, is upending traditional industries, significantly impacting the way companies are integrating new technologies, including the Internet of Things (IoT), cloud computing and analytics, and AI, into their operations.
The implications are huge. Industry 4.0 is laying the foundation for new business models, allowing companies to streamline and optimize workflow, boost productivity, and improve business performance. Notably, the creation of an intelligent network of processes calls for a connected ecosystem of data, people, processes, services, and systems.
Having said that, building this new digital supply chain comes with challenges, including the need for businesses to cross-collaborate with other participants of the smart supply chain ecosystem.
It also raises other questions about the new 4.0 tech utopia. For instance, how much value can businesses unlock if they had to commit substantially more resources and time to work with their clients’ partners and vendors?
While you mull over this, you can also check out how Airsquire leverages AI to ride the digitalization wave here.
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