Recent Trends and Scope of AI in Trading and Business Transactions as per Industry 4.0

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 The fourth industrial revolution refers to a modern era of industrialization that describes the world or the environment in which we are living today where we are depend on different technologies and we are analyzed at every step. The machines have become more intelligent with disruptive technology and we are working among Internet of Things (IoT), robotics, virtual reality (VR) and artificial intelligence (AI). With the starting years of fourth Industrial Revolution there has been an attempt of making smart machines which were capable of communicating with each other and with that of the environment around us. Thus, all the attention goes to embedded systems that are connected with the internet of things. But we forget that new industrial environment will benefit from those tools and applications that are present in the systems which can perform autonomous tasks. With this we can refer the task of Artificial Intelligence where analysis and interpretation are drawn from huge amounts of data that are received from different types of sensors, use of applications and suggest the most recommended course of action. This is the reason why Artificial Intelligence fits the challenges that arise in Industry 4.0 and thus we need to develop a systematic system to implement AI and see its real impact in the next generation of Industry 4.0.

Our lives are becoming digital and based upon digitization around us. But we are in an early stage of digitization which requires more academic and industrial research and development, more of analysis and assessment of current scenario. At this early stage of digitization there are several developments which are heading towards a worrying area. At the beginning of internet age online consumers expected that they will be watched upon and thus they behave more cautious in the virtual space. Though, digitization of our working and personal lives cannot be avoided.                                                                                                                                     This digitization and digital interconnection help us getting modified processes, structures and standards which allow us to think differently. Digitization is influencing our lives in different ways such as affecting liberty of information, furnishing opportunities, accommodating different educational challenges and making technology and regulation of the internet work together. Internet serves as a provider of knowledge along with information to ever expanding population at any location. Due to this people all over world are getting a combination of knowledge as well as information. This advancement of technology brought modern analytical methods and virtual infrastructure in lives of every household, value chains and business models. Internet made communication flexible and widespread among people. Thus, Digitization is how we manage our data.

 https://www.jimsgn.org/

Keywords: Industry 4.0. Artificial Intelligence, Big Data, embedded systems.

Ms. Smiti (Assistant Professor, Department of Commerce, JEMTEC)


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