The fourth industrial revolution is in its development stage and the value chain process is being recognized as the aspect that vows to transform how the industry functions today.
1784 marked the start of the first industrial revolution wherein mechanical production facilities were introduced as steam and water power energy resources rose into popularity. 1870 marked the first electrical power generation and is known as the first line assembly of the second industrial revolution. The first ever programmable IT logistics were commenced in the year 1969 and it also started full-fledged adoption of information technology and communication services. Technological advancements blurred the lines between reality and the virtual world, while the fourth industry revolution merged these two worlds together!
Internet of things, Internet of data, Internet of people and the Internet of services followed an inverse trend. This has brought in a global competitiveness to relocate manufacturing process to the low-wage countries and is opening more domestic capabilities in the Asian countries. The radically changing industrial process is making them more flexible, which is also attributed to the development of advanced technologies such as sensors, 3D printing, artificial intelligence (AI), virtual reality (VR), nanotechnologies, drones, etc.