Will Industry 4.0 impact human safety?
Industries are propelled by and propel change. There’s a great deal of buzz about Industry 4.0 and what the impact of the change brought about will likely look like on the ground.
Private businesses are exploring how they can incorporate it within their organizations, develop integration approaches while collaborating with others.
Here we look at the vital and compelling role of Industry 4.0 in improving the safety of individuals and the subsequent impact of these developments on the insurance sector.
Industry 4.0 – What is it?
The Industrial Revolution is a continuum of change. It has a long history starting in the early days of mechanization, through mass production and is now heading into the digital age. Industry 4.0 defines the next stage of the industry’s history. It is effectively the fourth Industrial Revolution.
In Industry 4.0, the focus is on the interaction of cyber-physical systems: machine learning, the Internet of Things (IoT), cognitive computing, and more. It’s about how these different facets interact and cooperate with one another, in real-time, in a comprehensive manner.
There are immense possibilities for Industry 4.0, and it’s fair to say that we are not yet even capable of realizing them all. Google (now Alphabet)’s multiple innovation strategies inter-collide into an innovation ecosystem of activities, that are of course always thrilling to watch, as they inform the paths of what is going to affect many industry sectors. This knowledge acts as our wide-angle lens, giving us a view of what’s happening.
However, the enormity of its possibilities poses a problem for many who are looking to benefit and be part of Industry 4.0. The question is where to start?