Mining companies have become much better at investment nowadays. Now, in the time of Industry 4.0 (Fourth Industrial Revolution), these companies need to think about what should be their approaches for the future, opined experts the three-CII-Enterprise Odisha 2019 conclave held here on Saturday.
“Industry 4.0 is the fusion of production, information and communication technologies. It offers a significant opportunity to mining companies to get ahead of the pack and redress the background trend of falling productivity that most of the industry is expecting,” said Ardent Steel director Dr Subhasish Das.
The Industry 4.0 is also sometimes defined in relation to emerging technology advancements, big data and data analysis, robotics, autonomous systems, sensors and automation, and production methods, such 3D printing, added Das.
“Any operation based on the new industrial revolution relies on interoperability, cyber-physical systems allow humans and smart factories to connect and communicate with each other. The new revolution is also a paradigm shift from centralised to decentralisd smart manufacturing and production. It refers to the computerisation of manufacturing and the creation of smart factories. It is expected to influence four long-term relationship paradigm shifts that are going to change the landscape of global manufacturing industry,” said Dr Das.
JSW Steel senior vice-president ND Rao and IDAX Consulting Pvt Ltd managing director Deepak Mallick also spoke.