A review on project management transformation using industry 4.0
Varsika Jally, Vinayak N. Kulkarni, V.N. Gaitonde, G. Jangali Satish, B. B. Kotturshettar
Abstract
The concept of Industry 4.0, also known as the “fourth industrial revolution” is called a “smart factory”. Smart factories have Cyber-Physical Systems, Big Data and Internet of Things, which help in monitoring the processes. Traditional production processes are different from Industry 4.0. This new system helps in increasing the capabilities of the new generation factories. Industry 4.0 results in advancements in the company are manufacturing methods. Industry 4.0 helps in implementing innovative technologies to improve productivity and working systems. Since the internet is used as an essential source for communication and information transformation, it is an evident aspect in Industry 4.0. With the help of this internet source, the information systems are developed. Factories have also seen a change in the production processes by implementing Industry 4.0 and continue to grow. Industry 4.0 simplifies the data management, cost management, project management and also manages the labours. Industry 4.0 has resulted in transform and change in engineering careers and business as well. One such career is the project manager, which has transformed from traditional strategies to industry 4.0 strategy, and it is a challenging job for the project managers. The strategically transformed technologies include challenges such as automation, big data analysis, digitisation etc. Projects in a company can be managed by digitalisation. This paper shows the importance of implementing Industry 4.0 in project management.