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The Role of Industry 4.0 in the Context of Economic Performance of Enterprises: A Literature Review

Author

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  • Valaskova Katarina

    (University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 1, 010 26 Zilina, Slovakia)

  • Nagy Marek

    (University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 1, 010 26 Zilina, Slovakia)

Abstract

Research purpose. This literature review aims to comprehensively examine the role of Industry 4.0 in shaping the economic performance and sustainability of enterprises within Central European countries and provide a nuanced understanding of the impact of Industry 4.0 technologies on corporate performance in this regional context. Implementation of Industry 4.0 technologies, such as IoT devices, artificial intelligence, and robotics, enhances operational efficiency. This efficiency can lead to cost reductions, improved production processes, and streamlined supply chains, positively impacting the economic performance of enterprises. Increased innovation often translates to the development of new products and services, driving revenue growth and positively affecting economic metrics. Design / Methodology / Approach. Employing a literature review methodology, snowballing techniques, and bibliometric analysis, this study examines a wide range of scholarly articles, reports, and publications to discern patterns, current trends, and empirical evidence related to the nexus between Industry 4.0 adoption and corporate outcomes. Findings. The findings reveal the multifaceted influence of technologies such as automation, artificial intelligence, and the Internet of Things on key economic indicators, including revenue growth, cost efficiency, and profitability, across various industries. Additionally, the review highlights the current trends, identifies methodological approaches, and suggests potential avenues for future research. Originality / Value / Practical implications. This synthesis contributes valuable insights to the discourse on Industry 4.0’s implications for economic performance and sustainability, adds significant value to the understanding of the intersection between technological advancements and economic outcomes in the business landscape, offering a foundation for scholars, practitioners, and policymakers interested in navigating the transformative landscape of advanced technologies within the business context.

Suggested Citation

  • Valaskova Katarina & Nagy Marek, 2024. "The Role of Industry 4.0 in the Context of Economic Performance of Enterprises: A Literature Review," Economics and Culture, Sciendo, vol. 21(2), pages 123-137.
    • Handle: RePEc:vrs:ecocul:v:21:y:2024:i:2:p:123-137:n:1008
    DOI: 10.2478/jec-2024-0023
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    References listed on IDEAS

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    1. Oduro, Stephen & De Nisco, Alessandro & Mainolfi, Giada, 2023. "Do digital technologies pay off? A meta-analytic review of the digital technologies/firm performance nexus," Technovation, Elsevier, vol. 128(C).
    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.
    3. Anna Michna & Roman Kmieciak, 2020. "Open-Mindedness Culture, Knowledge-Sharing, Financial Performance, and Industry 4.0 in SMEs," Sustainability, MDPI, vol. 12(21), pages 1-17, October.
    4. Kohtamäki, Marko & Parida, Vinit & Patel, Pankaj C. & Gebauer, Heiko, 2020. "The relationship between digitalization and servitization: The role of servitization in capturing the financial potential of digitalization," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
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    More about this item

    Keywords

    industry 4.0; economic performance; economic sustainability.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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