Trends in Industry 4.0 and IIOT and their Impact on Process Simulation

Industry 4.0 and IIOT have the potential to be the biggest change and truly a paradigm shift in the chemical and hydrocarbon processing industries since the invention of the computer. This presentation will provide an overview of some terms and trends related to Industry 4.0 and provide more detail on the role of simulation models in the new paradigm. As the chemical and hydrocarbon processing industry adopts new technology and moves towards Industry 4.0 and IIOT, some people question the need for simulation models at all. In the future, simulation models are going to be symbiotic with “big data”. The myth that “big data” combined with data analytics will replace or supersede detailed simulation models for operational analysis will be debunked.