The Fourth Industrial Revolution, or Industry 4.0, entails using the most up-to-date versions of technologies such as AI, IoT, cloud computing and big data within industrial environments and operations. For context, the First Industrial Revolution began in the latter part of the 18th century when mechanization from steam and waterpower was revolutionary. Then came the Second Industrial Revolution, which saw the advent of electrical power and mass production systems. Finally, the 20th-century Third Industrial Revolution introduced computers to business processes. The current level of digitization in industries such as manufacturing, healthcare, finance and agriculture is at a level that was once considered futuristic.

Who hasn't heard of ChatGPT which has taken the world by storm? From writing articles to acing exams to solving complicated arithmetic problems, the uncanny new artificial intelligence (AI) enabled chatbot has been spoken about on every platform. For the uninitiated, ChatGPT is a powerful new AI chatbot from OpenAI that generates text using Natural Language Processing (NLP). Here's what ChatGPT said about its expectations for Budget 2023: Increase in healthcare spending: The Indian government is expected to increase its spending on healthcare to combat the COVID-19 pandemic and to improve the overall health infrastructure in the country. Boosting the manufacturing sector: The government is expected to announce measures to boost the manufacturing sector, which has been hit hard by the pandemic, by providing financial incentives to manufacturers and increasing exports.

By Giuliano Liguori 1 Cost Reduction Digital transformation solutions can capture real-time data through IoT devices and analyze the same through AI and ML-powered devices. Talking about the manufacturing sector, it is easy to manage the inventory and monitor critical production processes using digital transformation. Manufacturers need to deploy fewer laborers for less critical production thanks to automation. It results in reduced expenditure and increased productivity. What's more, remote monitoring solutions can enable manufacturing companies to manage inventory in real-time.

"Produce better-quality products but at less operational cost and with efficiency" is a timeless goal for the manufacturing industry. The role and future of AI and ML in the manufacturing industry are promising. AI and ML can enable the manufacturing industry to scale their businesses and help them grow. The "Smart Manufacturing" revolution is already making it easier for businesses to attain this objective than ever before. According to many experts, artificial intelligence and machine learning are expected to affect factories and the manufacturing sector in the future significantly.

Lean manufacturing tends to reduce waste and make the production process more cost-effective and efficient as well. The primary focus is to streamline production operations while enhancing customer experience. To make this possible, lean manufacturing optimises production operations by emphasizing customer needs. Overall, lean manufacturing is about terminating things that do not add value, therefore adhering to delivering the product based on the needs of the customers and fulfilling the expectations, says Ritesh Sutaria, co-founder of Prompt Softech. Using a low-code platform with manufacturing can support manufacturers in solving several issues.

Headlines were made earlier this year when a new rapper dropped new music on – where else – TikTok. Tens of millions of followers signed up to listen to songs powered not by artistic nous but artificial intelligence (AI). Are rappers just the latest cohort of the jobs market to fall foul of AI and its staggering potential? We have been warned for years that AI is poised to take over the world of work, with many jobs simply ceasing to exist as machines finally win the war against man. We already know it can beat us at chess.

The fourth industrial revolution is underway and it's threatening to wipe out nearly half the jobs in Australia. This latest round is characterised by intelligent robots and machine learning and PricewaterhouseCoopers economist Jeremy Thorpe said it's going to completely reshape the Australian jobs market. "Over the next 20 years approximately 44 per cent of Australia's jobs, that's more than 5 million jobs, are at risk of being disrupted by technology, whether that's digitisation or automation," he said. It seems only a matter of time before intelligence breaks free of its biological bonds - Joe Gelonesi talks to two philosophers with profoundly different visions of technology and the future. Stefan Hajkowicz, who is the principal scientist at the CSIRO, says it's white collar workers who are about to feel the pain.

The manufacturing industry includes a broad range of businesses varying in size, from small manufacturers producing limited quantities of items to multi-national organisations involved in the large-scale production of manufactured goods. This industry encompasses manufacturers of food and beverages to textiles, chemical manufacturing and even heavy machinery. As an industry, manufacturing contributes around $100 billion to the Australian GDP annually (ABS, 2020). Thus, an industry with such varying degrees of complexity, breadth and scale is one that seeks to maximise the broad benefits of cloud technologies. Regardless of the end product, commonly faced challenges experienced within the manufacturing industry include innovation, risk management, operational efficiency and cost optimisation, remaining sustainable and time to market.

Industry 4.0 is the current fourth industrial revolution that promises to restructure manufacturing methods and professional positions to support positive changes. Before the new revolution, Industry 3.0 also reorganized production strategies but needed cutting-edge technology to achieve higher productivity. Essentially, the development has to be integrated with CNC machining to transition the sector into a more competitive status in the current and future markets. Like other industries, machining is growing fast towards a better, connected, and more simplified network system to replace traditional and old systems, limiting massive data flow. Industry 4.0 and its benefits for CNC machining are hot topics in the manufacturing sector.

When it comes to leveraging Artificial Intelligence (AI) and Machine Learning (ML) technologies, the manufacturing sector can be considered as one of the biggest beneficiaries. This sector could bring automation while deploying this technology on a larger scale as compared to other sectors. Globally, AI has emerged as a vital component of digital transformation solutions designed for the manufacturing industry. Be it monitoring remote assets or predicting maintenance of equipment, managing supply chain, or offering personalized customer experience, AI always lends a helping hand. It facilitates manufacturers to address many internal challenges efficiently.