BENEFITS AND CHALLENGES OF INDUSTRY 4.0 AND THE IMPACT DURING THE PANDEMIC

Abstract

Industry 4.0 refers to a new phase of the Industrial Revolution that focuses heavily on interconnectivity, automation, machine learning and real-time data. Industry 4.0 combines physical production and operations with intelligent digital technology, machine learning and big data to create a more holistic and better connected ecosystem for companies that focus on manufacturing and supply chain management. While every company and organization operating today is different, they all face a common challenge: the need to connect and access real-time insights across processes, partners, products and people. In this way, the importance of implementing Industry 4.0 in organizations is perceived. The objective of this work was to carry out a literature review on the topic addressed, discussing what Industry 4.0 is, bringing the benefits and challenges in its implementation, in addition to addressing the impact of Covid-19 in the acceleration of the Fourth Industrial Revolution. Every industry is in the process of being affected - if not transformed - by the Fourth Industrial Revolution and the pace of change continues to accelerate as its scale expands. Following in the footsteps of the third revolution, defined by the rise of technology and automated production, the Fourth Revolution reflects the boundaries between humans and machines, which will affect the main foundations of society: economic growth, education, financial systems, geosecurity, global trade, health, poverty and more.