The ongoing trend of artificial intelligence (AI) and automation across all industry verticals is leaving companies with no option but to ‘reinvent or perish’ in Industry 4.0, which is commonly referred to as the fourth industrial revolution. The recent exit of General Electric from the Dow Jones index is a classic example of how global giants perish if they don’t embrace change, says The Indus Entrepreneurs (TiE) Hyderabad Chapter, which promotes new entrepreneurs. Manufacturing technologies and other business processes have already seen a change as cyber-physical systems, the Internet of Things (IoT), cloud computing and cognitive computing are redefining business models.
To find out the ramifications of the new technology applications on industry, this correspondent spoke to several representatives from industry. TiE Hyderabad chapter, which promotes new entrepreneurs, opines that some of the existing companies find it difficult to embrace change, while the Confederation of Indian Industry (CII) Telangana chapter is upbeat on Industry 4.0 as several sectors are coming forward to adopt the latest technology applications. The Indo-American Chamber of Commerce (IACC) has cited GST and media transformation as two examples of industry makeovers in India.
Sanjay Singh, CII-TS chapter chairman, said, “Industry 4.0 is witnessing a lot of automation. Artificial intelligence and other latest technology applications are helping the industry reduce downtime and enhance quality parameters. Older companies must adopt technology otherwise they will perish and leave the space for a new breed of entrepreneurs to take over.” Srikanth Badiga, IACC-TS president, sees technology transformation in the media. “I don’t call it an invasion of technology, but a great tool enabling performance in an innovative way. The revolution of telecom is another example, where we can see the mobile invasion over traditional telecom services. New apps are changing the business dynamics of every sector.”
