As Industry 4.0 continues to gain momentum, competition among tech companies is fierce. While early adopters seem to thrive, companies that fail to evolve are at risk of becoming obsolete. Founder of Very, Ben Wald, discussed the top obstacles your company could face in the near future and outlined a strategy aimed at overcoming them.
Introduction to Industry 4.0
World Economic Forum Founder, Klaus Schwab, coined the term “Fourth Industrial Revolution” to express the automation advancements in traditional manufacturing and industrial practices, namely leveraging machine-to-machine communication and IoT around self-monitoring.
To put the advancements of human history into context: from the dawn of time until approximately 1990, we as a species have created a handful of exabytes of data. However, in 2021, it is estimated that we are now generating that same amount of data every day.
In other words, we are in the midst of such unprecedented hypergrowth that our brains no longer have the capacity to perceive or analyze our surroundings in the same way.
In his talk, Ben not only sees this as an extraordinarily notable moment but one full of unique opportunities to seize as well.
We can attribute our rapid acceleration to the rise of new multidisciplinary branches of science and technology (i.e., synthetic biology).
There’s only so far that we can push insights and innovation when working with the same data sets for an extended period. Ben likens Industry 4.0 to the breakthrough invention of the microscope. Compared to the human eye, the microscope presented a scale and frame of reference unlike we had ever seen before. Consequently, with this new pair of lenses, we now have a new data set, new discernment, and new scientific fields.
Foundations like bandwidth, digitization, interconnectivity, and transparency have modernized to a point where they can be leveraged to push our innovation forward.
The Role of IoT
From a business viewpoint, the key to success revolves around finding a way to put a product into context within the IoT marketplace to inform strategic decision-making. Using our IoT Maturity Model as a framework, you can set the stage for continued success and profitability over the long haul (summarized in a GIF below). However, there are always hurdles to clear to advance from one stage to the next.
- Decision Paralysis - Get started and do something. Don’t let a lack of forward motion derail innovation.
- Bad Investments - Let the market lead you. Don’t over-innovate or build something without proper market validation.
- Bypassing Proven Frameworks - Minimize risks by consulting with experts in your industry.
- Compromising Operational Security - Don’t let the pressure of launching a minimum viable product (MVP) distract from building responsibly from the beginning.
- Use Agile processes and tools
- Operationalize cross-disciplinary work and maximize collaboration
- Take advantage of tools that are intentionally interconnected and remote-friendly
- Build psychological safety: teams founded on a culture of trust and understanding will generate better outcomes
Industry 4.0 is no longer on the horizon, it’s here and holds enormous promise for IoT and companies that are willing to take risks and get wet. But with IoT products failing left and right, it’s crucial to select the right partner for your vision.
If you’re ready to jump into IoT development, our team of knowledgeable, experienced developers can help. We can handle every aspect of your IoT project, from design and prototyping to engineering and programming. Reach out to our team of IoT experts today.
Watch Ben's full keynote: