Industry 4.0 refers to a combination of several major innovations in digital technology, all coming to maturity now, and all poised to transform the energy and manufacturing sectors. These technologies include advanced robotics and artificial intelligence, sophisticated sensors, cloud computing, the Internet of Things, data capture and analytics, as well as digital fabrication. Industry 4.0 will create digital networks and ecosystems that will, in many cases, span the globe but still retain distinct regional footprints.
While digital technology is rapidly becoming a commodity, an organisation’s success largely depends on its digital intellectual quality, especially in how well its digital leaders such as the CEO, COO, and/or CIO, define, lead, and communicate the transformation. It is also dependent upon the digital qualifications of the employees who need to roll out digital processes and services. As such, enhancing digital capabilities, skills, and organisational structures will be highly critical. Leaders need to learn to evaluate their company’s digital maturity now, set clear targets for the next five years, and prioritise the measures that will bring the most value to their business.