Operations Management and Business Analytics

Running Head: OPERATIONS MANAGEMENT AND BUSINESS ANALYTICS 0
OPERATIONS MANAGEMENT AND BUSINESS ANALYTICS
8/3/2018

OPERATIONS MANAGEMENT AND BUSINESS ANALYTICS 1
Executive Summary
This report is the about the evolution of the Industry 4.0 with the revolution of the
ICT (Information and Communication Technology) revolution which are using in the
Industry 4.0. In the industry 4.0, all systems and machines are connected through the smart
enabling technologies and internet, which are equipped with various physical sensors.
To be competitive in the market, all the business need to use new approached of
updated technologies under industry 4.0 in the framework of innovation and creativity.
In this report, several smart enabling technologies are also discussed with their
applications and benefits.

OPERATIONS MANAGEMENT AND BUSINESS ANALYTICS 2
Table of Contents
Introduction................................................................................................................................4
How Industries exploiting Smart enabling technologies and gaining a competitive
advantage?..............................................................................................................................5
Impact of Adopting Technology Advances.........................................................................10
Conclusion................................................................................................................................11
References................................................................................................................................12

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Introduction
In the global manufacturing, the next industrial revolution comes in its 4th phase. It is
based on the integrated production system, which results in the transformation of smart
manufacturing factories and fulfilling of dynamic customer demands by combining human
creativity and automation.
Industry 4.0 has a vast reality, which includes transformation and integration of
manufacturing industries into an environment framework consisting of peoples, processes,
systems, data and other industrial assets with collaboration with industrial creativity and
innovation (Moore, 2018). Industry 4.0 is a broad vision, which combines industrial assets
with the digital technologies in so-called cyber-physical systems.
Considering the initiatives and evolution of Industry 4.0, there is a continuously rising
in the organizations and the countries where the industries adopting Industry 4.0. Examples
include the China (where the Industry 4.0 lies in the foundation of ‘Made in China 2025’),
UK (Industry 4.0 and 4th revolution by the EEF), Japan (collaboration took around with
Japan’s Robot Revolution Initiative) and various other initiatives (Hurley, 2018). This shows
that all of them are accepting and leveraging the Industry 4.0 concept in spite of their
dissimilar names. This global expansion of Industry 4.0 is not evolving from the government
initiatives or agreements but this is expanding due to the increase in the industrial focus on
this concept.
The backbone of the Industry 4.0 constitutes nine enabling technologies and many of
the companies have already implemented these technologies by making interconnected
autonomous systems, which can communicate freely with each other (Posada, et al., 2015).
For maintaining a competitive advantage in the industry 4.0, every company needs a clear
understanding of these nine technological advancements and the benefits, which can be
gained after implementation.
Industry 4.0 will allow companies and manufacturers to bypass various current
structural constraints and convert it into value production. In addition, the new emerging
technologies are on the way, which will be integrated into the business and increase the
efficiency and effectiveness in the management decision area. Some of these new