Page 22 - Information Management 3rd Edition

Information Management
2018). It is characterised by a combination of technologies, combining the physical, digital and biological spheres, which is also referred to as cyber physical systems.
The idea is that computers and machines communicate with one another, which is called the Internet of Things (IoT) and with people, called the Internet of People (IoP). The IoT is an ever-growing network of devices, appliances, cars, appliances and other physical objects which connect with one another by electronics, sensors, software, etc. to connect, collect and exchange data. This enables businesses to connect the real physical world (and needs) with computer-based systems, creating opportunities for more direct integration which ultimately results in increased efficiency and productivity and less human effort. The cloud is a platform that stores and processes IoT data. The platform takes in large volumes of data generated by all the connected devices, customers and partners and initiates actions for real- time resPponses. Mordificateions can th-en bepmade theumoment abvariable changes (Marr, 2018).
Industry 4.0 creates the opportunity to gather, analyse and transform data into real-time, useful and useable information. If such information is available, real- time, refined decision making is possible and it would improve overall efficiency (Hill, 2018). People, processes and equipment, including sensors, smart devices and business systems, are brought together. Real-time information includes customer
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an environment that enhances worldwide operations, meaningful collaboration, faster identification of problems or discrepancies and improved innovation.
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The advantages are obvious. Examples of such developments could be found in the area of logistics and supply chain where changes are accommodated due to new information becoming available. Weather conditions, for example, could delay a shipment and if this information is available in time, manufacturing priorities can be adjusted.
According to Semolic in Steyn (2018) “The Industry 4.0 economy is very much copy
centred on people, collaboration and building relationships in order to create successful virtual networks of partners”. Looking at the complexity of the business environment, technology, artificial intelligence and volumes of data, specialisation and collaboration among partner organisations is needed. A business will not only consider its own resources to compete, but it could rely on inter-organisational value chain innovativeness and supportive partner technologies, products, services and systems. This necessitates profound transformational leadership (as you are working with networks of people and value systems) and new horizontally structured supply and value chain business models (Steyn, 2018).
1.9.2 What is the expected impact on business?
While some business owners and managers might not give much attention to this development, such an attitude could impact negatively on their businesses in the future. They could be left with outdated processes, machines and even outdated knowledge and find it difficult to catch up with competitors (Marr, 2018). What business owners and managers need to realise is that employees need to be informed, prepared and trained to enable them to function productively in this new environment. This environment necessitates the coming together of information
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uality. It creates
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