Industrialization is the way to achieve Operational Excellence using tools and techniques.
The first industrial revolution came with the advent of mechanisation, steam power and water power.
The second industrial revolution revolved around mass production and assembly lines using electricity.
The third industrial revolution came with automation using electronics and IT systems.
The fourth industrial revolution is associated with connected physical systems with suitable intelligence in the IT system. The connected physical system with AI/ML powered IT systems leads to smart manufacturing or smart factory.It is collaboration of advanced production and operations techniques with digital technologies to create connected enterprises that use data to drive intelligent actions in the physical world.