Industries

“Opinions” is one of the categories where I write my 'point of view' about issues that either I read about or I did some research on. It is data-driven and may be accompanied by a suggestion.

The Supply Chain domain has engineering (by virtue of the use of Operations Research in supply chain strategy evaluation and generation) and management.

‘Digital Twin’ is a slowly evolving term and was first defined by NASA in 2010 as a simulation of a vehicle or a system that mirrors the life of its twin. The twin tries to reproduce its physical behavior as close as possible in the virtual world and over the life cycle of its components — by using the physical and functional properties of the system.

(Source: visIT - Industrial IOT - Digital Twin)

E-commerce has been defined as buying and selling goods or services using the Internet and the transfer of money and data to execute these transactions. They can be commercial transactions or sales of physical products online. These transactions have been categorized into four segments i.e. B2C, B2B, C2C, and C2B, covering almost every kind of transaction that can take place between a buyer or a seller. (Definition Source: Shopify.com)

Examples include: Retail, Wholesale, Drop-shipping, Crowd-funding, Subscription, Physical products, Digital products, Services, etc.

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Industry 4.0 is a German pendant for Cyber-Physical Production Systems (CPPSs) and Industrial Internet is its name for US initiative. The major focus is on the self-diagnosis capabilities for complex and distributed CPPSs. Typical goals of such self-diagnosis approaches are the detection of anomalies, sub-optimal energy consumption, error causes, or wear. A typical solution for these challenges is a data-driven and machine learning-based approach, which complements the traditional solutions based on manual models. This places data analysis and machine learning algorithms at the heart of CPPS.

(Source: Industrial Internet)