Referred to as the 4th industrial revolution, Industry 4.0 represents the shift of manufacturers to automation and advanced technologies such as AI, cloud computing, machine learning, big data etc. Industry 4.0 solutions focus on creating an automated and optimized production environment for the manufacturing industry, by combining the physical operations with digital technologies. This means that production machines no longer just produce the product, but rather communicate – and exchange information – with the other resources on the production floor. What mainly drives Industry 4.0 are the continuous upgrades to digital technology and the need for optimization processes in manufacturing. Industry 4.0 paves the way to a new technological age, radically transforming advanced manufacturing, production value chains and business models.