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Industry 4.0: Artificial intelligence and digital transformation as drivers of productivity

For some years now, the existence of a fourth industrial revolution has been discussed, driven by the impact of digital technology and data processing. Its consequences: an explosion of productivity.

Although in recent years we have witnessed a quick digital transformation process, both in Chile as in neighboring countries, COVID-19 has further accelerated the pace of change and the speed of its development. This has forced those who shunned away from transformations to accelerate the pace to match the digital leaders. According to the report of KPMG “CEO Outlook 2020: Covid-19", 80% of CEOs consulted believe that the crisis has accelerated the transformation; and 30% consider that they are currently “years” ahead from what they expected before the pandemic. We are already immersed in the fourth industrial revolution.

This fourth revolution is changing the way businesses operate and therefore, the context in which companies are forced to compete. But, what does Industry 4.0 mean and what does it entail?

The process consists of combining advanced production techniques and operations with smart technologies that are integrated into organizations, people and assets. These new technologies are, among other, artificial intelligence (AI) and the internet of Things (IoT). Both provide real-time access to data; transforming products, supply chains, improving operations, the growth of revenue, customer expectations and consequently; changing the way business is conducted.

Business without barriers between digital and physical

According to the consultant Deloitte, “the digital integration of information from different sources and locations allows conducting business in a continuous cycle. Throughout this cycle, real-time access to the information is driven by the continuous and cyclical flow of information and actions between the physical and digital worlds”.

The integration process of software information with artificial intelligence is divided into three stages:

  • From the physical world to the digital: Where the information is captured from the physical world and a digital record of it is created. In the case of the M-Risk software, the user enters information to the platform that he or she wishes to monitor or control, and the software creates a record of it.
  • From digital to digital: Here, the information is shared and interpreted, using advanced analytics, scenario analysis and Artificial Intelligence (AI) to discover relevant information. It is at this stage of our software in which customizable algorithms are fed; depending on what the user is doing, to get the interpretation of the data that is needed.
  • From the digital to the physical world: Algorithms are applied to translate the decisions of the digital world into effective data, stimulating actions and changes in the physical world. In the M-Risk software, it is possible to automate processes and obtain results in real time, generate reports, monitor and much more.

¿How to be part of industry 4.0?

In the world in which we live, companies must and are considering the customer experience as a priority, promoting direct communication with them giving priority to online channels. In this way, companies must ensure that their employees have the digital skills necessary to perform digital functions.

To adapt to industry 4.0, it is necessary for companies to periodically analyze and with a continuous improvement approach the effectiveness of the digitization of their activities, processes and products, implementing improvement actions. The use of technology guidelines and techniques that facilitate digital transformation is primary; such as cloud computing, mass processing techniques of data in reduced time, artificial intelligence (AI), among other.

Softwares like M-Risk exist to manage and support large amounts of information, allowing the development of graphics, charts and automated reports to analyze massive data volumes. With softwares of this nature, it is possible to make more informed, agile, effective and in short, better decisions.

According to the company specialized in the development of cloud solutions, Oracle, “In this hyper-connected world, digital systems can record, monitor and adjust every interaction between connected objects. This physical world combines with the digital world so that they can cooperate ”.

The Internet of Things (IoT), a concept that refers to the digital interconnection of everyday objects with the internet, is another ally of Industry 4.0. This system is for tracking and monitoring. Many companies use sensors that, thanks to IoT, can be carried by people with ease. Some allow air quality to be measured and warn users through applications on their mobile phones when the air is at dangerous levels. Others of these devices are used to work with radiation and mining. Thanks to innumerous uses that companies can give Internet of Things, this constitutes an element that contributes considerably to business competitiveness.

¿Is Latin America ready?

It is essential that Latin American countries work to join this fourth industrial revolution. As emerging economies, they have a greater challenge in front of Industry 4.0 as, unlike world powers, they still present disadvantages in aspects of vital importance for development in many fields, such as infrastructure and the application of technological tools.

Latin American countries have the task of modernizing their processes and working hand in hand with Industry 4.0 if they want to have a stable and adaptable industrial future to the changes that are getting bigger and stronger. In this way, companies in Latin America can lead the changes applying technologies to automate processes, manage and analyze information, and generate reports. Does your company already works to be part of Industry 4.0?

 

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