In the following pages, a new definition of Industry 4.0 is suggested. An overview of the features of Industry 4.0 is presented following the current literature. A general method is proposed for companies to appraise Industry 4.0 by applying the features such as the 9 pillars of the BCG to the prevailing process maps within the company. This is quantified by applying the Horizontal and Vertical Integration feature of Industry 4.0 to a traditional factory, and evaluated via a Discrete Event Simulation using Rockwell Arena®. The results in this case show a reduction of 50% in Non-Value Added time and an increase in output of 22%.