A Perspective on Industry 4.0: From Challenges to Opportunities in Production Systems

Industry 4.0 and smart factory are the terms frequently used for next generation production systems. Advancement of Information technologies paved the way for evolution of production systems. To remain competitive in the market, enterprises want to utilize these technological advancements in order to solve current challenges and serve customers in new ways which were not imagined before. In order to provide new services quickly, new methods and technologies have to be introduced at manufacturing level. The paper briefly discusses industry 4.0 and settings (arrangements) for co-innovation. This paper also describes what are the current challenges faced by companies with the help of a survey. The paper proposes an approach from strategical to operational level for the implementation of industry 4.0. In this paper, we also provide new opportunities, scenarios, and applications enabled by introducing new tools and technologies for industry 4.0. At the end, the paper provides summary and glimpse of the future work.