Tuesday, 18. October 2016., 19:15
Smart data leads our way to better life. Or not? Beyond smart data lots of new concepts arise. One of them is Smart Industry. It refers to recent, revolutionary developments in ICT technology like IoT or Cyber Intelligent Physical Systems. These technological developments cause machines, resources, people, and organizations to become more and more connected. New, smarted ways of production (like drones or 3D printing) and new business models are emerging fast. Smart production processes have a flexible capacity with respect to product (specification, quality, design), volume, timing, and efficiency. Moreover, the products themselves are becoming increasingly smart mostly based on smart data. These developments result in complex networks of organisations, people, and machines, through which massive amounts of data are flowing. Data science, that is, analyzing and managing these data streams for decision making, is essential to maintain a firm grip on these networks. Important problems are for instance how to make optimal use of the available, flexible production capability with respect to time, costs and quality but also how to manage disruption trends. Many industries are fading away including law, finance or insurance as we know it. Are we keeping up?