Industry 4.0 The Transformation of the Modern Factory

“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work and relate to one another... when compared with previous industrial revolutions, this one is evolving at an exponential rather than linear pace.… it is disturbing almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management and governance”.
Klaus Schwab, The Fourth Industrial Revolution, 2016

The British economic historian Arnold Toynbee first coined the term industrial revolution to mark a period that began in Britain in the late 18th century with the development of the steam engine and the mechanisation of textile production. Progressively, tasks previously done by hand by hundreds of weavers in cottages dispersed across the land were now carried out instead using power looms under the single roof of a cotton mill. This was the birth of the modern factory and the beginning of the first industrial revolution.

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