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Smart Manufacturing is a broad category of manufacturing with the goal of optimizing concept generation, production, and product transaction. While manufacturing can be defined as the multi-phase process of creating a product out of raw materials, smart manufacturing is a subset that employs computer control and high levels of adaptability. Smart manufacturing aims to take advantage of advanced information and manufacturing technologies to enable flexibility in physical processes to address a dynamic and global market. There is increased workforce training for such flexibility and use of the technology rather than specific tasks as is customary in traditional manufacturing.
Industry 4.0 is a name for the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. Industry 4.0 is commonly referred to as the fourth industrial revolution. Industry 4.0 creates what has been called a “smart factory”. Within the modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralized decisions. Over the Internet of Things, cyber-physical systems communicate and cooperate with each other and with humans in real time, and via cloud computing, both internal and cross-organizational services are offered and used by participants of the value chain.