Consequences of Industry 4.0 in Business and Economics

Abstract

Abstract:The introduction of information technology into all aspects of our lives has brought forth qualitative and quantitative changes on such a large scale that this process has come to be known as the Fourth Industrial Revolution, or Industry 4.0. The aim of this paper is to fill in the gaps and provide an overview of studies dealing with Industry 4.0 from the business and economic perspectives. A scoping review is performed regarding business, microeconomic and macroeconomic economic problems. Four investigators performed a literature search of the Web of Science, Scopus, and Science Direct. The selected period spanned from 2014 to 2018, and the following keywords were used for the search: Industry 4.0, economics, economic development, production economics, and financial sector. A total of 2275 results were returned. In all, 67 full papers were screened. Results obtained from the relevant studies were, furthermore, divided into the following categories: work and skills development; economy growth and macroeconomic aspect; sustainability; intelligent manufacturing; policy; and change in business processes. Findings show that the aspects of work and skills development, smart technology adoption, intelligent manufacturing, and digitalization are very well described. The government and its policies usually play the role of a needed supportive element. Usually studies lack a coherent view of the topic in question and solve partial questions.

Industry 4.0 for the Construction Industry: Review of Management Perspective

“…Eroshkin et al (2017) opined that an automated control system assists the performance of long-term projects and, thereby, allows management decisions to be less taxing and cumbersome because investment monitoring and implementation are handled through an automated system. Niu et al (2016) asserted that the global construction industry before the advent of IR 4.0 faced problems such as delayed deliveries, unsatisfactory quality, and poor budgeting techniques; however, with the adoption of information technology, the narrative has changed, leading to a satisfactory result and, thereby, ensuring management's productivity (Maresova et al 2018;Oesterreich and Teuteberg 2016;Alaloul et al 2018).…”

“…The simulation and modeling value chains involve simulation tools, building information modeling (BIM), augmented reality (AR), virtual reality (VR), and mixed reality (MR). Lastly, digitization and visualization entail cloud computing, mobile computing, and social media, and these are utilized for the effective management of construction tasks (Maresova et al 2018;Oesterreich and Teuteberg 2016;Alaloul et al 2018). These dimensional value chains are key to successful managerial operations in the construction industry that will facilitate organization growth.…”

Industry 4.0 for the Construction Industry—How Ready Is the Industry?

“…Whereas the first industrial revolution introduced mechanical power, the second industrial revolution lightened up the industry, and the third industrial revolution digitized the information and production [15,16,19], Industry 4.0 has amalgamated the physical world with the information era directed by the cyber-physical system approach [24]. Industry 4.0 is also known as "smart manufacturing", "industrial internet", or "integrated industry", which has shifted the value chain of organization and management across the lifecycle of products by integrating complex devices, machines, and networked sensors and software, deployed to predict, control, and plan for better business and societal outcomes [60]. The combination of these digital innovations is collectively called the Internet of Things (IoT) in the cyber-physical system, which are able to meet new emergent needs and provide capabilities that instigate the next evolution of society and its organization or institution [26] and transform how products are designed, fabricated, used, operated, maintained, and serviced [61].…”

Marketing Innovations in Industry 4.0 and Their Impacts on Current Enterprises

“…They state that the main innovations include the Internet of Things (IoT), cyber-physical systems (CPS), information and communication technologies (ICT), enterprise architecture (EA), and enterprise integration (EI), while the utilization of cybernetic systems is also reported by Marešová [14], who defines innovations in marketing as a flexible linking of products and services over the Internet or other network applications such as blockchain or a peer-to-peer network system.…”