The keyword “Industry 4.0” is no longer an empty cliché or a black box; it is currently probably the most important topic within the German economy. Not only will existing processes be revolutionized – but also new businesses and business models will arise. More and more companies have already started to tap into its potential. At the heart of Industry 4.0 is the emerging Internet of Things (IoT). What will the IoT mean for the chemical industry? A chemical company is naturally process oriented, with excellence in managing ultra-complex processes, and very strong in product and processes innovation in existing business models. But it may be less well prepared for a fast changing business environment and the emergence of new business models.
Image: http://www.innovationmanagement.se
