Industry 4.0 and the Emergence of New Business Models

EasyChair Preprint 3864

Abstract

The Industry 4.0 Paradigm generates, among other impacts, the possibility to apply new business models in the Industrial Sector. From the emerging of the concept till present days it can be seen an important number of new business models as a result of the innovative adoption of digital technologies in industrial firms. As an example a paper of the Boston Consulting Group (2015), states that the model Industry 4.0 allows faster response to customers demands, increase flexibility allowing the adaptability to manufacturing processes, and provides a tremendous amount of tools for quality improvement in the processes, among other advantages. Some authors also refers in their works to the arising opportunities in the production systems due to the advance of digitalization, in particular those that impact in the integration and operation in the global value chains. Regarding smart products Porter and Heppelman (2014) indicates they offer exponentially expanding opportunities for new functionality, far greater reliability, much higher product utilization, and capabilities that cut across and transcend traditional product boundaries. The changing nature of products is also disrupting value chains, forcing companies to rethink and retool nearly everything they do internally. Besides, it can be considered what Borja (2020) says about blockchain, Virtual and Augmented reality, Artificial Intelligence and Robotics. He observes that these are disruptive technologies business models and the impact of technology in business changes the economic and social organization. This work approaches one of the edges that shows the Industry 4.0 Paradigm, and aims to explore opportunities and challenges that arise from its adoption, transforming traditional value chains to facilitate the creation of value and reach new levels of competitiveness.

Keyphrases: Change Management, Digital Transformation, Industry 4.0, Industry Digitalization, Information Technology, Operating System, Smart Manufacturing, business model, collaborative economy, cyberpysical systems, knowledge-based economy, value chain

@booklet{EasyChair:3864,
  author    = {Federico Walas Mateo},
  title     = {Industry 4.0 and the Emergence of New Business Models},
  howpublished = {EasyChair Preprint 3864},
  year      = {EasyChair, 2020}}