Ever accelerating technological advancement, the climate change crisis and the COVID19 pandemic are ushering in a new industrial paradigm: A digital-empowered, technology-driven, sustainable industrial revolution. Robots are getting increasingly interconnected and intelligent. They collaborate without the interference of humans and collects and analyses data on their own. Companies and organisations across the entire business sphere will have to adapt to these new technologies to remain competitive.
Like the 3 previous industrial revolutions, these new developments are changing how we produce, consume and do business:
- Industrial revolution 1.0 marked the change from hand production to machine production powered by the steam engine. Suddenly, a single unskilled worker could replace multiple skilled craftspeople as products could be mass produced in factories cost effectively.
- Industrial revolution 2.0 was enabled by the connectivity powered by railroad and telegraph networks. The new forms of transportation and communication allowed corporations to establish multiple production facilities and the centralisation of manufacturing in industrial plants.
- Industrial revolution 3.0 was powered by the invention of computers and digitalisation in the 20th century. Now robots increasingly could take over production and personal computers and internet access began changing consumer behaviour.
Why Industry 4.0 can unlock a circular economy?
In an industrial context, becoming circular means saving a lot of time, raw materials, and money while also opening up a lot of new possibilities to innovate, diversify, and create new income streams. Companies can quickly monitor, optimise, and enhance their manufacturing processes using today’s connected/smart industrial technologies. Internet of Things equipment including sensors and linked systems offer new sets of data to decision-makers, revealing new insights into key metrics, main goods, by-products, and waste management.
These are just a few of the numerous technologies that drive Industry 4.0. The Circular Economy Alliance (CEA) Body of Knowledge offers a complete overview of these smart technologies and their application in industry 4.0 and the digitally empowered circular economy.
The CEA materials on Industry 4.0 is designed to help organisations remain competitive in a changing market and reach their sustainable development goals efficiently. It gives an evidence-based and business oriented introduction to the core strategies for implementing Industry 4.0 technologies. Entrepreneurs, investors, managers, executives, decision makers, researchers, policymakers, and institutional actors in the public or private sectors will be walked through the potentials, applications, and implications of the technologies.
Why is it necessary for businesses to understand Industry 4.0 in order to achieve a circular economy?
When you switch to a circular model, you are doing more than just saving money. It also offers companies with new and exciting business opportunities, allowing them to increase their competitiveness and discover new revenue streams.
Industry 4.0 creates a wide range of benefits and opportunities. However, most companies lack a clear definition of what it actually is, beyond its buzzword appeal. They need a clear overview of which resources and skills are necessary to benefit from Industry 4.0 and how to develop digitally-enabled business models based on it.
The CEA Body of Knowledge offers the training and resources for aligning your Industry 4.0 strategy with your circular business model. Get started with the most important sustainable transformation of your organisation by getting access now.