Industry 4.0: The Drivers Behind It
Industry 4.0, the latest iteration of the Industrial Revolution is upon us but for many Malaysian SMEs, they are ill prepared. They are uncertain how it will impact their businesses. According to Datuk C.L. Yoon, a pioneer in the Malaysian tech industry, thinks that local companies have no excuse for being left behind because of their ignorance. Industry 4.0 have morphed into an environment where everything is interconnected. Machines are connected to systems via sensors for it to talk to systems and humans. Many industries are introducing new technologies that create an entirely new way of serving existing needs and significantly disrupting existing value chains.
Going digital is causing a wide range of disruption in areas of research and development, marketing, sales and distribution. With such digital disruption, it is every easy to oust incumbents in an industry faster than ever by improving quality, speed and price at which value is derived. With the outbreak of mobility, there is growing transparency with direct customer engagements and outbreak of new patterns of customer behaviour. The barriers to penetrate an existing industry have been lowered significantly because of digitization.