IoT and knowledge Economy: Two Strong Pillars of Industry 4.0

Abstract

The Industry 4.0 concept incorporates technologies from a wide range of domains and this inevitably requires massive changes in processes of innovation, production, logistics and services. Such innovations and transformations cannot be impelled in practice without the support of a tool known as Internet of Things or simply IoT. The objective of this research is to present an overview on two strong and influential pillars of Industry 4.0, which are the IoT and the knowledge economy. For several authors who have dedicated themselves to the study of the fourth industrial revolution, IoT is considered an indispensable pillar for the implementation of the concepts of the referred industrial revolution. However, it has not been common in the literature to see references correlating the almost inherent relationship that exists between IoT and the knowledge economy. In summary, it is possible to state that the greater the valuation and investments directed towards the knowledge economy, the better the quality of the operation of the emerging technique or mechanism known as IoT. From the perspective of industry 4.0 concepts, both the IoT and the knowledge economy have strong beneficial influences on industrial production organizations. Still according to the information compiled in this research, the knowledge economy can be seen as the great asset in favor of ensuring the employability of qualified professionals for all kinds of organizations of an industrial nature.

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