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During the China Hi-Tech Fair (CHTF) 2017, numerous industry leaders shared their visions for the future development of China’s technology and business models.
Among the forum’s rich topics, one of the highlights was a public speech themed, “the intelligent manufacturing of enterprises in the era of Industry 4.0,” given by Stephen Y. Lo, managing partner of the Technology, Media & Telecommunications Market of EY.
Lo pointed out that the global industry has entered the era of Industry 4.0, which means the society of the future will dominated by the Internet, cyber-physical systems, Internet of things and big data, which creates challenges for traditional enterprises.
According to Lo, there are three main challenges facing Chinese enterprises today, namely lagging behind international competitors, underemphasizing digital transformation and needing to make the leap into the Industry 4.0 era.
In order to face the above challenges, Lo said, “the transformation towards intelligent manufacturing can provide the Chinese manufacturing industry with the renewed drive needed to compete on the global stage.”
In Lo’s eyes, Chinese enterprises should invest more in intelligent manufacturing, which includes building a professional factory and further developing cutting-edge Industry 4.0 technologies like automation, artificial intelligence, Internet of things, big data analysis, 3-D printing and network security. His company is aimed at helping enterprises realize these innovations.