Industry 4.0 is the 4th stage of industrial revolution wherein technologies such as Internet of Things(IoT) and CyberPhysical systems are adopted for better flexibility in production and overall profit maximization. In today's ever increasing demand for the consumer products, industries having manual interference are lagging behind in service. Thus automation of processes has become a necessity. Industry 4.0 takes the power of traditional manufacturing processes with the cutting edge technology and uses it together. Industry 4.0 mainly focuses on lean manufacturing with best possible quality in least cost of production. It also alarms the manufacturer about possible breakdowns beforehand. Continuous improvement with inclusion of least number of non-value adding processes is one of the goals of industry 4.0. Industry 4.0 is a concept wherein mechanical processes, cyber-physical systems and cloud computing go hand in hand.