Business Models for Sustainable Innovation in Industry 4.0: Smart Manufacturing Processes, Digitalization of Production Systems, and Data-driven Decision Making.

Author:Ludbrook, Frances
 
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  1. Introduction

    Industry 4.0 provides cutting-edge prospects to carry out adjustable and efficient manufacturing. (Long et al., 2018) Cyber-physical systems constitutes the assimilation of computing and physical processes that are pivotal elements of Industry 4.0 applications, combining imaging and control performances into the significant architectures whose essential characteristic is to react to any activated feedback. (Oztemel and Gursev, 2018) Industrial augmented reality represents an integral component of Industry 4.0, facilitating employees to access digital data and overlay it with the physical realm. (Masood and Egger, 2019)

  2. Conceptual Framework and Literature Review

    Via designing the manufacturing systems in Industry 4.0, possible hindrances, disruptions, and deficiencies can be predetermined and handled on time (Asimopolos et al., 2018; Ionescu, 2018; Mihaila, 2018; Sanda and Krupka, 2018; Sorells, 2018), and thus the output and performance of production systems (de Blasio and Nephew, 2018; Katz, 2018; Radulescu, 2018; Schinckus, 2018) can be improved. (Long et al., 2018) Centralized procedures, e.g. research and advancement, asset upgrading, corporate governance (proposed actions, investment organization, financial), and supply chain, in addition to any other function, supply important business value, while their assimilation through Industry 4.0 provides pivotal business value, offering strategic and operational upsides. (Telukdarie et al., 2018) Cyber-physical systems comprise a network of objects and systems interacting over the Internet with an allocated address and a virtual setting that is generated by computer simulation of objects and practices in the concrete sphere. (Oztemel and Gursev, 2018)

  3. Methodology and Empirical Analysis

    Using and replicating data from Ad Hoc Research, BCG, BDO, Capgemini, CIO, EY, and McKinsey, we performed analyses and made estimates regarding the effects of Industry 4.0 on the workforce (%), advanced technologies manufacturers are planning to use (%), and average realized overall productivity gains from smart factories so far (%). The results of a study based on data collected from 5,200 respondents provide support for our research model. Using the structural equation modeling and employing the probability sampling technique, we gathered and analyzed data through a self-administrated questionnaire.

  4. Results and Discussion

    As any information technology, Industry 4.0 operates in its own kinds or patterns of organizing processes. Smart systems can replicate manageable and mechanical procedures as digitized mass manufacturing...

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