ABSTRACT
“Industry 4.0” has been coined to characterize concepts and strategies, often related to integrating information technology and communication in production processes. Still, it is also about changing business environments, cooperation, and artificial intelligence. It could be described as a cultural philosophy about increasing flexibility and making production more efficient and competitive (Healy, 2018). There is also a significant impact on people and how we communicate with each other and machines. Data availability seems to be ubiquitous and digital communication becomes more and more dominant.
We can observe the consequences of digital transformation within various industries that increase and accelerate the general production automation plan. For organizations, it becomes increasingly evident that the requirements of competitive production in terms of speed, quality, flexibility, and innovative and individualized products increase significantly. It is essential to manage the amount of information and gain insights that enhance quality and internal processes and benefit the clients. Companies might “drown in the flood of data” without appropriate governance and management. In this chapter we will introduce various teams and concepts often used in the context of Industry 4.0.
