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The manufacturing world had undergone four separate industrial revolts. Industry 4.0 is a most recent chapter in the Industrial revolt story that pivoted mainly on manufacturing automation, live data capturing, smart machines, and internet connectivity with key objectives of productivity rise, optimization of available working hours, and increased organization competitiveness. This research paper studies the industry 4.0 through the survey of available literature in a sequential manner that started with understanding the development of the manufacturing industry from industry 1.0 to industry 4.0, the nine key foundation blocks of the industry 4.0, the cyber-physical systems, the Smart factory concept, industry 4.0 application strategy guide step by step, Industry 4.0 benefits, risk, and challenges. We applied the Industry 4.0 concept step by step as a pilot project as per the Industry 4.0 application strategy guide at the bus bar trunking production factory with the target of delivering the demand of customers within committed or shorter lead time from the bus bar manufacturing shop and discussed the outcomes briefly. We concluded that Industry 4.0 helps to improve operator work-life, overall productivity, and to reduce the operating cost of production drastically in mass manufacturing processes. Industry 4.0 is also a boon in today’s changing work culture after the CORONA pandemic through its core concepts of digitization, paperless work, networking, and maximum internet usage. It also guides to adopt automation and smart machines that are communicating in real-time with its customer. We also observed that its application is costly in terms of investment to deploy for small or middle scale manufacturing plants, but they shall implement partly to get the benefit from it.
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