By Paul Taylor, Partner and UK Head of Cyber Security at KPMG, says current business risk models fail to take account of the digital industrial revolution
The next industrial revolution, often called Industry 4.0, promises to be as transformative of the business landscape, in the same way as previous industrial revolutions transformed society. This transformation, driven by industrial digitisation, is set to radically reshape business models, disrupt market monopolies, merge previously separate industry sectors and dramatically speed up the pace of innovation.
Old boundaries between industries, products, and services will be obliterated. There will be convergence within an integrated digital industrial ecosystem.
One example is the recent convergence of the automotive and software industries around the ‘connected car’. Industrial digitisation will also create a shift in production similar to the invention of the moving assembly line, opening up a future digital industrial supply chain where products are digitally developed, manufactured, and monitored in real-time from factory floor to shop floor, and beyond through a single, holistic, integrated process.
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