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Industry 4.0 and its impact on startups

Blog: NASSCOM Official Blog

COVID-19 has made a paradigm shift in the way we think and go about life. Inside the four walls of our houses, we are forced to evaluate our practices, make changes, learn new things and create opportunities that would have never existed. For business owners, they have moved to the digital world and it has proved to be a major growth opportunity. Startups are learning to work with some of the best technology which has been at their disposal for years. Various articles and discussions ignited by multiple organisations suggest that this has accelerated the fourth Industrial revolution (or as it is called – Industry 4.0) which had set in at the turn of this decade. We couldn’t agree more!

What is Industry 4.0?

It is the transformation from the offline to the online world. It is the digital revolution. The focus of Industry 4.0 is on the Internet of Things. It is changing every industry’s working at every step of the way. From information collection to production to supply chains and even distribution, Industry 4.0 makes decisions decentralized and implements hi-tech systems. 

What does this mean?

This means there are various technological changes happening frequently. Some of these changes may have been accepted subconsciously by us; others may take a while. Alexa, Siri, Google Assistant are examples of technology (AI to be specific) finding its way into our daily life. Big data, cloud computing, artificial intelligence, virtual reality, etc., are all technologies that have made changes at our workplaces. Smart Chatbots have changed the way customers interact with a company. 

How do we work with it?

While these changes sound exciting, it is critical for startups to be able to adopt this technology. Learning how to work with it will optimize output and reduce the time taken. Apart from opting for classes and webinars online, the best way to learn anything is to play with it. Financial constraints do not have to be the reason your startup doesn’t grow. 

Why is this an important time for startups?

The only way to let Industry 4.0 be the positive change you needed for your startup is to evolve and make changes. Let us give you a few examples. 

In a small office setup, it is possible for one person to be donning multiple hats. These questions will help you get started. Allow machines to perform the tasks they can do best. For eg. data collection, searching records, compilation, etc. It is believed by using data and analytics, the output can be increased by 25%. With only a few hands on deck, technology can help take the load off. 

To sum up, Industry 4.0 is here and it is upon startups to use this opportune time in the best way possible. With the right vision, appropriate usage of technology and foresight, it could be the time you were always waiting for!

The post Industry 4.0 and its impact on startups appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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