Manufacturing companies are entering an era of profound change. The future is unfolding in an environment of evolving customer needs, digital connectivity and increasing complexity and risk. Exponential technologies and advances in materials are accelerating the pace of innovation. This paradigm shift in manufacturing is creating new ecosystems which challenge companies to alter their traditional business model boundaries and rethink their strategies for growth. Industry 4.0 is the integration of the Internet of Things (IoT) and relevant physical technologies, including additive manufacturing, robotics, high-performance computing, artificial intelligence and cognitive technologies, advanced materials, and augmented reality, that complete the physical-to-digital-to-physical cycle. As companies implement Industry 4.0 practices, there are several challenges related to talent and cyber security that have impact at both the organization-level and broader, ecosystem level. To be globally competitive, companies need to strategically think about how to get on board, and address both the challenges and opportunities presented. Success will be defined by the ability to integrate the IT with the OT.

(Live Mint)