There are countless concepts and terminologies related to the Internet of Things and Industry 4.0; however, you should understand the following 13 fundamental terms and expressions before deciding whether to invest in Industry 4.0 solutions for your company:
- ERP: Enterprise Resource Planning solutions that can be used to manage information within a company, including business process management.
- IoT: Internet of Things, a term describing the connection of real physical objects, such as machinery or sensors, to the Internet.
- IIoT: Industrial Internet of Things, referring to connections between people, data, and machines as applied to production.
- Big Data: Large collections of structured or unstructured data that can be collected, stored, organized, and analyzed to identify patterns, trends, associations, and opportunities.
- Artificial Intelligence (AI): The ability of a computer to perform operations and make decisions that would have previously required human intelligence.
- M2M: Machine-to-Machine communication, which takes place through wired or wireless networks between two different machines.
- Digitalization: The process of collecting and transforming various types of information into a digital format.
- Smart Factory: A factory that invests in and utilizes Industry 4.0 tools, techniques, and strategies.
- Machine Learning: Computers’ ability to learn and improve on their own through artificial intelligence without explicit instructions or programming.
- Cloud Computing: The use of remote networked computers hosted on the Internet to store, manage, and process data.
- Real-time Data Processing: The practice of using computers and other devices to process data continuously and automatically to produce immediate or near-immediate results and information.
- Ecosystem: In manufacturing terms, it refers to the potential interconnection of all aspects of your business, including inventory planning and management, finance, customer connections, supply chain operations, and production operations.
- Cyber-Physical Systems (CPS): A manufacturing environment compatible with Industry 4.0 that offers real-time data collection, analysis, and transparency across all components of a manufacturing operation is referred to as cyber-physical manufacturing.
Now that you have a better understanding of some of the key ideas behind Industry 4.0, are you prepared to learn more about how smart manufacturing can reshape the way you manage and expand your business?
In today’s competitive business world, you need solutions that can optimize activities, increase productivity and collaboration, and make use of real-time data. Maindsoft’s Industry 4.0 solutions can help you get started.
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