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Industry 4.0 and Artificial Intelligence (AI) in PM

In: Progress in Performance Management

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  • Marc Helmold

    (IUBH)

Abstract

Industry 4.0 is a name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of Things, cloud computing and cognitive computing. Industry 4.0 is commonly referred to as the fourth industrial revolution. Industry 4.0 fosters what has been called a ‘smart factory’. Within modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions. Over the Internet of Things, cyber-physical systems communicate and cooperate with each other and with humans in real time both internally and across organizational services offered and used by participants of the value chain. There are four design principles in Industry 4.0. These principles support companies in identifying and implementing Industry 4.0 scenarios.

Suggested Citation

  • Marc Helmold, 2019. "Industry 4.0 and Artificial Intelligence (AI) in PM," Management for Professionals, in: Progress in Performance Management, chapter 13, pages 161-163, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-20534-8_13
    DOI: 10.1007/978-3-030-20534-8_13
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