The manufacturing industry is currently witnessing the fourth industrial revolution, better known as Industry 4.0 where the ‘real’ and the ‘virtual’ world are to be seamlessly connected giving rise to what are known as cyber-physical production systems. As a result, the traditional manufacturing processes are undergoing an enormous transformation which will change the way companies approach manufacturing
Industry 4.0, which started off as a brainchild of Germany, is being adopted by countries around the world. Developed nations like USA, France and Japan have already taken the first step in this direction by launching nation-wide programs. The adoption of Industry 4.0 by developed nations presents a significant threat to the BRICS nations as it will result in job migration from the BRICS to the developed nations due to loss of competitiveness. In order to maintain global manufacturing competitiveness, each of the BRICS nations needs to actively participate in this fourth industrial revolution.
