Industry 4.0 is defined as a set of highly intelligent connected systems that creates a fully digital value chain.
The overarching concept of Industry 4.0 is based on creation and integration of cyber physical production systems that integrate different elements of IT, data, communication technologies, and hardware components.
These systems are implemented to transform the traditional plants into smart factories, as well as traditional value chains into digital value chains.
The objective behind implementation of such systems is to reduce dependencies and create a system in which there is higher machine to machine communication and information is processed and distributed in real time resulting in profound changes to the entire industrial ecosystem.
Industry 4.0 is all about creation and optimisation of smart, flexible supply chains, factories and distribution models where machines capture and convey more data via machine-to-machine communications and to human operators. All this aims at enabling businesses to make quicker, smarter decisions, all while minimising costs.