Data Analytics and Industry 4.0

Industry 4.0 is characterized by the amalgamation of the real world with the virtual world. This industrial revolution is represented by the fostering of automation and intelligence through modern-day technology.

Industrialists in today’s era require business intelligence which can be provided to them a deep analysis of the Big Data with the expertise of Artificial Intelligence (AI) in order to achieve impeccable production results.

The Internet of Things (IoT) has completely transformed today’s industry. The potential of IoT to use unique identifiers that creates a network through which data can be transferred without the requirement of a human-to-human or even a human-to-computer interaction. Machine Learning has led to the formation of intelligent machines which can make concise decisions with utmost precision.

Big Data is credited with the optimization of a business because it uses its analysis to draw conclusions for different avenues of the business which help improve a business’ performance in innumerable ways:

• Marketing Analytics: Moving away from the traditional perspective of brand centered/ product centered marketing, we have the modern-day marketing practices which intrinsically revolve around the consumer. This marketing intelligence assures a business with maximum consumer-commodity engagement as well as successful retention of the customer
• Sales Analytics: Risk is an added, unavoidable anomaly which every business has to accept. The market being of an extremely unpredictable nature makes it very difficult for businesses to estimate the best and the safest way to move forward. But, today’s intelligence helps in accurate evaluation of the finest strategy with unprecedented precision
• Pricing Support: A business always has to be on its toes when it comes to competition. It has to keep itself updated on the operations and strategies of its rival especially in the context of product pricing in order to improve itself and stay one step ahead. Big data uses key price drivers to provide the most dynamic pricing recommendations which give a business an optimal price and subsequently an advantage over its rivals.
• Operation and Supply Chain Planning: AI and Big Data have said to visibly improve efficiencies and margins for a business by providing major improvement in individual manufacturing processes. It helps in attaining optimal levels throughout the manufacturing process through
• Cyclical Monitoring and Anomaly Monitoring using visual intelligence
• Analyzing video streaming for health and safety check
• Ensuring safety levels with the help of sensors, all the while being environmentally conscious.

What earlier used to be considered as isolated systems of a manufacturing process can now be brought together to form a proper visualization of the entire process because of the existence of Big Data. In addition, Big Data is also responsible for the effective functioning of these isolated systems on their own accord which ultimately facilitates better understanding of these systems, individually as well as collectively.