Essence of Business 4 0

International Journal of Trend in Scientific Research and Development (IJTSRD)
International Open Access Journal | www.ijtsrd.com
ISSN No: 2456 - 6470 | Volume - 2 | Issue – 6 | Sep – Oct 2018
Essence of Business 4.0

Matthew N. O. Sadiku1, Nana K. Ampah2, Sarhan M. Musa1
1
Professor, 2Adjunct Faculty
1
Roy G. Perry College of Engineering
Engineering, Prairie View A&M University, Prairie View, Texas
2
Lone Star College Kingwood, Houston, Texas
ABSTRACT
Industry 4.0 technologies aid manufacturers in A storm
orm of technologies (Internet of things, cloud
monitoring production processes and making effective computing, artificial intelligence, automation/
decisions. In a similar way, Business 4.0 technologies robotics,, big data and analytics) is transforming
can help sales, marketing and customer service, drive industry after industry. These technologies will
profits and productivity, and help the companie
companies stay fundamentally change individual companies and
competitive. It requires a new way of thinking and transform market dynamics across a whole range of
involving the employees, customers, and partners. industries. Digital to its core, Business 4.0 consists of
This paper provides a brief introduction to Business technologies such as automation and artificial
4.0. intelligence. Whether large or small, all companies
must respond to the digital challenge now. As
Keyword: business 4.0, industry 4.0 companies move forward ard in their Business 4.0
journey, they leverage digital technologies to drive
INTRODUCTION their growth.
Information technology has radically transformed the
very essence of large businesses around the world. EMERGENCY OF INDUSTRY 4.0
Companies in every industry sector all over the world Recently industrial powers like Germany, USA, UK,
are planning to increase digitization of products and and China initiated the concept of Industry 4.0. The
processes. Digitalization involves using technologies, term ‘Industry 4.0’ stands for the fourth industrial
products, and data to maximize revenue and improve revolution or Industrial Internet of things (IIOT).
business models. Industry 4.0 is driven by digitization and integration
inte
of vertical and horizontal value chains. Industry 4.0 is
Digitalization has been penetrating the market with the current gradual industrial transformation with
digital products, digital processes, digital services, automation, cloud computing, cyber-physical
cyber systems,
and digital solutions [1]. Digital transformation will robots, and industrial IoT to realize smart industry and
only take place if top management makes Industry 4.0 manufacturing [3]. It utilizes cyber-physical systems,
a top priority.. Many companies are transforming their in which machines communicate efficiently with each
businesses using Internet of things (IoT) technology. other.
The foundational aspects of a digital culture include Industry 4.0 has moved from talk to action since it is
agility in decision making, increased collaboration, now at the heart of strategic and research agenda of
willingness to experiment, and continuous learning many companies. No company can afford to ignore
and adaptation. The greatest challenge of industrial the fundamental changes that Industry 4.0 will bring.
leaders is people, not technology. Anytime, anywhere Industry 4.0 is helping companies optimize customer
learning and development organizations require an relationships. It has implications for the nature of how
agile workforce that can continuously learn new skills a company organizes itself and its delivery model.
and apply their learning to challenges [2]. Data analytics and digital trust lie at the heart of the
fourth
ourth industrial revolution. Data and data analytics
provide tools for decision making.
@ IJTSRD | Available Online @ www.ijtsrd.com | Volume – 2 | Issue – 6 | Sep-Oct

Oct 2018 Page: 1252
International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456
EMERGENCY OF BUSINESS 4.0 CONCLUSION
The convergence of digital, physical, and biological Business 4.0 will definitely make companies function
technologies is transforming the world. This new differently than they did in the past. Advanced
world will be shaped by the companies tthat can best implementation of Business 4.0 will become a
harness Business 4.0. Being able to employ modern qualifier to compete. Organizations that proactively
technologies such as Internet of things, cloud harness agile talent and align the growth aspirations
aspiration of
computing, artificial intelligence, automation, and big their employees are poised to lead the Business 4.0
data and analytics are the indicators of a Business 4.0 transformation. By embracing these new technologies,
company. This shift towards Business ess 4.0 will enable salespeople, marketers and customer service
companies to evolve from a traditional production
production- professionals can become more responsive and
focused model to an information-based based approach. competitive [7].
This will benefit both the customer and the company
itself [4]. REFERENCES
1. J. Mäkiö1, A. Miroliubo, and a V. Zhgun,
A major principle of industry 4.0 is to shift the “Digitalization – quo vadis,” SHS Web of
business models based on mass productions within Conferences, 2018.
manufacturing to mass customization. In the future,
2. “Industry
Industry 4.0: Building the digital enterprise,”
industrial businesses will be adopting new business https://www.pwc.com/gx/en/industries/industries-
https://www.pwc.com/gx/en/industries/industries
models that will connect their factories, machinery, 4.0/landing-page/industry--4.0-building-your-
and warehousing facilities as cyber physical systems
digital-enterprise-april-2016.pdf
2016.pdf
[5].
3. M. N. O. Sadiku, S.. M. Musa, and O. M.
Business 4.0 is mainly using analytics to respond to Musa,”The
The essence of Industry 4.0,”
4.0, Invention
individual transactions through customization. Journal of Research Technology in Engineering
Business 4.0 can increase automation. Activities like and Management,, vol. 2, no. 9,
9 September 2018,
data entry, reporting, and meeting preparat
preparation can pp. 64-67.
now be performed by the system. This frees up your 4. “4 ways best-in-class
class companies are
time to do the things. The
he health and safety of human embracing Business 4.0,”
workers in dangerous working environments could be http://tcssummiteurope.com/4-ways-best-in-class-
http://tcssummiteurope.com/4
improved dramatically. companies-are-embracing
embracing-business-4-0/
CHALLENGES 5. M. J. Too, “Industry 4.0 as smart enabler for
The absence of a digital culture and the right training innovative business models,”
for employees is a top challenge facing companies. https://brage.bibsys.no/xmlui/bitstream/handle/11
The basic aspects of a digital culture consists agility 250/2452846/Toor%2C%20Junaid.pdf?sequence=
in decision making, increased collaboration, 1
willingness to experiment, and continuous learning 6. “Reimagining talent management for Business
and adaptation [6]. Without the appropriate digital 4.0,”
culture, the best talent will hesitate to stay. Lack of https://www.tcs.com/content/dam/tcs/pdf/Industrie
skills or competencies in the company’s workforce is s/hitech/abstract/Reimagining%20Talent%20Man
a challenge. There is also a challenge to build digital agement%20for%20Business%204.0_200318.pdf
trust, which is based on three pillars: transparency,
legitimacy and effectiveness. 7. N. Davies, “Business 4.0 – how technology is
changing the business of manufacturing,”
September 2017, https://www.sales-
i.com/business-4-0-technology
technology-changing-
business-manufacturing
@ IJTSRD | Available Online @ www.ijtsrd.com | Volume – 2 | Issue – 6 | Sep-Oct

Oct 2018 Page: 1253

Essence of Business 4 0

Uploaded by

Copyright:

Available Formats

Essence of Business 4 0

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Essence of Business 4 0

Uploaded by

Copyright:

Available Formats

International Journal of Trend in Scientific Research and Development (IJTSRD)

International Open Access Journal | www.ijtsrd.com

ISSN No: 2456 - 6470 | Volume - 2 | Issue – 6 | Sep – Oct 2018

Essence of Business 4.0

@ IJTSRD | Available Online @ www.ijtsrd.com | Volume – 2 | Issue – 6 | Sep-Oct

@ IJTSRD | Available Online @ www.ijtsrd.com | Volume – 2 | Issue – 6 | Sep-Oct

You might also like