A COLLECTIVE STUDY ON INDUSTRY 4.0 AND KNOWLEDGE MANAGEMENT PRACTICES TO ENHANCE STUDENTS AT UNIVERSITIES AND COLLEGES

Abstract

The fourth industrial revolution takes the automation of manufacturing processes to a new level by introducing customized and flexible mass production technologies that machines will operate independently, or cooperate with humans in creating a customer need oriented production in the field that constantly works on maintaining itself. The machine rather becomes an independent entity that is able to collect data, analyse it, and advise upon it. Whereas, Knowledge Management (KM) practices is the systematic management of an industry knowledge assets for the purpose of creating value and meeting tactical & strategic requirements; it consists of the initiatives, processes, strategies, and systems that endure and enhance the storage, assessment, sharing, refinement, and creation of knowledge. In the words of Peter Drucker "Knowledge Management is the coordination and exploitation of industry knowledge resources, in order to create benefit and competitive advantage". KM is not one single discipline, rather it is an integration of numerous endeavour’s and fields of study. As a result, useful knowledge is gained which then becomes basis for the industry 4.0 and with the contest to gaining competitive advantage and knowledge to the student to adopt them in to the new technologies. Based on the reviews of existing literature in this area, this article attempts to explore the Collaborative Study on Industry 4.0 and Knowledge Management Practices to enhance student at collage level that gives a conceptual framework to determine the competitive advantage towards students education at collage level. This article will provide a basis for the Students education to understand the importance of KM Practices and Industry 4.0.