IDEAS home Printed from https://ideas.repec.org/a/ssi/jouesi/v9y2022i3p64-75.html
   My bibliography  Save this article

Impact of Industry 4.0 on business studies

Author

Listed:
  • Margarita Išoraitė

    (Vilniaus Kolegija / Higher Education Institution, Lithuania)

  • Gintarė Gulevičiūtė

    (Vilniaus Kolegija / Higher Education Institution, Lithuania)

  • Nikolaj Ambrusevič

    (Vilniaus Kolegija / Higher Education Institution, Lithuania)

Abstract

The purpose of this paper is to investigate the methods and peculiarities of Industry 4.0 in developing business studies at the University of Applied Sciences. State-of-the-art technologies such as cloud computing, additive manufacturing, advanced robotics, augmented/ virtual reality, big data analysis and artificial intelligence are applying their concepts in higher education in order to meet the specific needs of each learner with acquired competencies in higher education. This paper analyses the scientific literature of Industry 4.0 and related topics, presents the empirical study which is focused on analysis of the learners’ expectations and University of Applied Sciences curriculum. It shows that many students are willing to enroll in new technological courses. The quantitative study is presenting the main novelty of the research and is intended to create recommendations of how to incorporate Industry 4.0 elements in developing business studies at the University of Applied Sciences. Those practical implications could be useful for higher education institutions and are focused on practical value.

Suggested Citation

  • Margarita Išoraitė & Gintarė Gulevičiūtė & Nikolaj Ambrusevič, 2022. "Impact of Industry 4.0 on business studies," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(3), pages 64-75, March.
    • Handle: RePEc:ssi:jouesi:v:9:y:2022:i:3:p:64-75
    DOI: 10.9770/jesi.2021.9.3(4)
    as

    Download full text from publisher

    File URL: https://jssidoi.org/jesi/uploads/articles/35/Isoraite_Impact_of_Industry_40_on_business_studies.pdf
    Download Restriction: no
    File URL: https://jssidoi.org/jesi/article/936
    Download Restriction: no
    File URL: https://libkey.io/10.9770/jesi.2021.9.3(4)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Scott Armstrong, J. & Brodie, Roderick J. & McIntyre, Shelby H., 1987. "Forecasting methods for marketing: Review of empirical research," International Journal of Forecasting, Elsevier, vol. 3(3-4), pages 355-376.
    2. Judit Nagy & Judit Oláh & Edina Erdei & Domicián Máté & József Popp, 2018. "The Role and Impact of Industry 4.0 and the Internet of Things on the Business Strategy of the Value Chain—The Case of Hungary," Sustainability, MDPI, vol. 10(10), pages 1-25, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andrea Katona & Zoltán Birkner & Erzsébet Péter, 2023. "Examining Digital Transformation Trends in Austrian and Hungarian Companies," Sustainability, MDPI, vol. 15(15), pages 1-22, August.
    2. Mohammadreza Akbari & John L. Hopkins, 2022. "Digital technologies as enablers of supply chain sustainability in an emerging economy," Operations Management Research, Springer, vol. 15(3), pages 689-710, December.
    3. Kesten C. Green & J. Scott Armstrong, 2004. "Value of Expertise For Forecasting Decisions in Conflicts," Monash Econometrics and Business Statistics Working Papers 27/04, Monash University, Department of Econometrics and Business Statistics.
    4. Ying Song & Lu Yang & Stavros Sindakis & Sakshi Aggarwal & Charles Chen, 2023. "Analyzing the Role of High-Tech Industrial Agglomeration in Green Transformation and Upgrading of Manufacturing Industry: the Case of China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 3847-3877, December.
    5. Tripti Tiwari & Mohit Tiwari, 2020. "Current Economic Slowdown and Opportunities for Cost Effective Services and Products using Technological Inventions: An Empirical Study," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 121-129.
    6. Di Vaio, Assunta & Palladino, Rosa & Pezzi, Alberto & Kalisz, David E., 2021. "The role of digital innovation in knowledge management systems: A systematic literature review," Journal of Business Research, Elsevier, vol. 123(C), pages 220-231.
    7. Jaroslav Vrchota & Petr Řehoř & Monika Maříková & Martin Pech, 2020. "Critical Success Factors of the Project Management in Relation to Industry 4.0 for Sustainability of Projects," Sustainability, MDPI, vol. 13(1), pages 1-19, December.
    8. Wieslaw Urban & Krzysztof Łukaszewicz & Elżbieta Krawczyk-Dembicka, 2020. "Application of Industry 4.0 to the Product Development Process in Project-Type Production," Energies, MDPI, vol. 13(21), pages 1-20, October.
    9. Renda, Andrea & Laurer, Moritz, 2020. "IoT 4 SDGs - What can the Digital Transformation and IoT achieve for Agenda 2030?," CEPS Papers 26658, Centre for European Policy Studies.
    10. Green, Kesten C., 2002. "Embroiled in a conflict: who do you call?," International Journal of Forecasting, Elsevier, vol. 18(3), pages 389-395.
    11. Oliver Kovacs, 2019. "Big IFs in Productivity-Enhancing Industry 4.0," Social Sciences, MDPI, vol. 8(2), pages 1-17, January.
    12. S. Buxton & Kostas Nikolopoulos & M. Khammash & P. Stern, 2015. "Modelling and Forecasting Branded and Generic Pharmaceutical Life Cycles: Assessment of the Number of Dispensed Units," Working Papers 15004, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    13. Gábor Szabó-Szentgróti & Bence Végvári & József Varga, 2021. "Impact of Industry 4.0 and Digitization on Labor Market for 2030-Verification of Keynes’ Prediction," Sustainability, MDPI, vol. 13(14), pages 1-19, July.
    14. Meade, Nigel & Islam, Towhidul, 1995. "Forecasting with growth curves: An empirical comparison," International Journal of Forecasting, Elsevier, vol. 11(2), pages 199-215, June.
    15. Rabie Mahssouni & Mohamed Makhroute & Mohamed Noureddine Touijer & Abdelaziz Elabjani, 2023. "Dual Perspectives on Financial Performance: Analyzing the Impact of Digital Transformation and COVID-19 on European Listed Companies," JRFM, MDPI, vol. 16(8), pages 1-14, August.
    16. Natalia R. Potoczek, 2021. "The use of process benchmarking in the water industry to introduce changes in the digitization of the company’s value chain," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 17(4), pages 51-89.
    17. Silviu-Gabriel Szentesi & Lavinia Denisia Cuc & Ramona Lile & Paul Nichita Cuc, 2021. "Internet of Things (IoT), Challenges and Perspectives in Romania: A Qualitative Research," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 23(57), pages 448-448.
    18. Flávio Cunha & José Dinis-Carvalho & Rui M. Sousa, 2023. "Performance Measurement Systems in Continuous Improvement Environments: Obstacles to Their Effectiveness," Sustainability, MDPI, vol. 15(1), pages 1-12, January.
    19. Paweł Kłobukowski & Jacek Pasieczny, 2020. "Impact of Resources on the Development of Local Entrepreneurship in Industry 4.0," Sustainability, MDPI, vol. 12(24), pages 1-25, December.
    20. Hooks, D. & Davis, Z. & Agrawal, V. & Li, Z., 2022. "Exploring factors influencing technology adoption rate at the macro level: A predictive model," Technology in Society, Elsevier, vol. 68(C).

    More about this item

    Keywords

    Industry 4.0; Internet of Things; Education 4.0; Robotics; Big Data;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ssi:jouesi:v:9:y:2022:i:3:p:64-75. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Manuela Tvaronaviciene (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.