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Fourth Industrial Revolution: Current Practices, Challenges, and Opportunities

In: Digital Transformation in Smart Manufacturing

Author

Listed:
  • Antonella Petrillo
  • Fabio De Felice
  • Raffaele Cioffi
  • Federico Zomparelli

Abstract

The globalization and the competitiveness are forcing companies to rethink and to innovate their production processes following the so-called Industry 4.0 paradigm. It represents the integration of tools already used in the past (big data, cloud, robot, 3D printing, simulation, etc.) that are now connected into a global network by transmitting digital data. The implementation of this new paradigm represents a huge change for companies, which are faced with big investments. In order to benefit from the opportunities offered by the smart revolution, companies must have the prerequisites needed to withstand changes generated by "smart" system. In addition, new workers who face the world of work 4.0 must have new skills in automation, digitization, and information technology, without forgetting soft skills. This chapter aims to present the main good practices, challenges, and opportunities related to Industry 4.0 paradigm.

Suggested Citation

  • Antonella Petrillo & Fabio De Felice & Raffaele Cioffi & Federico Zomparelli, 2018. "Fourth Industrial Revolution: Current Practices, Challenges, and Opportunities," Chapters, in: Antonella Petrillo & Raffaele Cioffi & Fabio De Felice (ed.), Digital Transformation in Smart Manufacturing, IntechOpen.
    • Handle: RePEc:ito:pchaps:125849
    DOI: 10.5772/intechopen.72304
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    Citations

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    Cited by:

    1. Beata SLUSARCZYK & Adnan UL HAQUE, 2019. "Public Services For Business Environment: Challenges For Implementing Industry 4.0 In Polish And Canadian Logistic Enterprises," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2019(33), pages 57-76, December.
    2. Mario Di Nardo & Mariano Clericuzio & Teresa Murino & Chiara Sepe, 2020. "An Economic Order Quantity Stochastic Dynamic Optimization Model in a Logistic 4.0 Environment," Sustainability, MDPI, vol. 12(10), pages 1-25, May.
    3. Oliver Kovacs, 2019. "Big IFs in Productivity-Enhancing Industry 4.0," Social Sciences, MDPI, vol. 8(2), pages 1-17, January.
    4. Raj, Alok & Dwivedi, Gourav & Sharma, Ankit & Lopes de Sousa Jabbour, Ana Beatriz & Rajak, Sonu, 2020. "Barriers to the adoption of industry 4.0 technologies in the manufacturing sector: An inter-country comparative perspective," International Journal of Production Economics, Elsevier, vol. 224(C).
    5. Petra Maresova & Ivan Soukal & Libuse Svobodova & Martina Hedvicakova & Ehsan Javanmardi & Ali Selamat & Ondrej Krejcar, 2018. "Consequences of Industry 4.0 in Business and Economics," Economies, MDPI, vol. 6(3), pages 1-14, August.
    6. Srivastava, Deepak Kumar & Kumar, Vikas & Ekren, Banu Yetkin & Upadhyay, Arvind & Tyagi, Mrinal & Kumari, Archana, 2022. "Adopting Industry 4.0 by leveraging organisational factors," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    7. Francis Aboagye‐Otchere & Cletus Agyenim‐Boateng & Abdulai Enusah & Theodora Ekua Aryee, 2021. "A Review of Big Data Research in Accounting," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 28(4), pages 268-283, October.

    More about this item

    Keywords

    Industry 4.0; innovation; opportunities; digitalization; economy;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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