Industry 4.0: key findings and analysis from the literature arena

2019 ◽  
Vol 26 (8) ◽  
pp. 2514-2542 ◽  
Author(s):  
Rejikumar G. ◽  
Raja Sreedharan V. ◽  
Arunprasad P. ◽  
Jinil Persis ◽  
Sreeraj K.M.
Keyword(s):  
Business Model ◽  
Industry 4.0 ◽  
Real Life ◽  
Model Potential ◽  
Generic Model ◽  
Success Factor ◽  
Content Type ◽  
Real Time Application ◽  
Selection Of

Purpose In recent years, a new transformation known as Industry 4.0 has drawn much attention throughout the world, and numerous investigations have fundamentally looked into the uprising concept. However, few have concentrated on the literature review. Taking this as motivation, the authors endeavored to assess the different attributes of Industry 4.0. The paper aims to discuss these issues. Design/methodology/approach This review concentrated on linking the articles from different database and distinguishing the attributes of Industry 4.0. The authors assessed 85 articles from scholarly database and peer-reviewed journals on Industry 4.0 through the selection of the Mayring (2004) procedure. The examination included a four-advance process, in particular, material gathering, engaging investigation, classification of the choice and material assessment. Findings The study backs experts and readers to comprehend the spread of Industry 4.0 in various ventures. For academicians, this gives an extensive rundown of Industry 4.0 attributes. Besides, the writing review gives a chance to comprehend the idea of Industry 4.0 in detail. Further, the outcome aggregates the success factor, failure factor, business model, potential and difficulties in the context of Industry 4.0. Research limitations/implications Many areas such as supply chain, circular economy and healthcare have started exploring Industry 4.0. However, few specific cases have reported about it, and no generic model is found for real-time application. Practical implications The study serves as reference material for researchers and practitioners to understand the spread of Industry 4.0 and utilize the concept of Industry 4.0 for real-life application. Originality/value The study focuses on reporting the potential, challenges, business model and pre-requites of Industry 4.0.

A Survey on Intelligence Tools for Data Analytics

2021 ◽  
pp. 73-95
Author(s):  
Shatakshi Singh ◽  
Kanika Gautam ◽  
Prachi Singhal ◽  
Sunil Kumar Jangir ◽  
Manish Kumar
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Language Processing ◽  
Real Life ◽  
Learning Tools ◽  
The Core ◽  
Training Mode ◽  
Real Life Situation ◽  
Selection Of

The recent development in artificial intelligence is quite astounding in this decade. Especially, machine learning is one of the core subareas of AI. Also, ML field is an incessantly growing along with evolution and becomes a rise in its demand and importance. It transmogrified the way data is extracted, analyzed, and interpreted. Computers are trained to get in a self-training mode so that when new data is fed they can learn, grow, change, and develop themselves without explicit programming. It helps to make useful predictions that can guide better decisions in a real-life situation without human interference. Selection of ML tool is always a challenging task, since choosing an appropriate tool can end up saving time as well as making it faster and easier to provide any solution. This chapter provides a classification of various machine learning tools on the following aspects: for non-programmers, for model deployment, for Computer vision, natural language processing, and audio for reinforcement learning and data mining.

A TOPSIS-Based Multi-Criteria Approach to Faculty Recruitment: A Case Study

2013 ◽  
Vol 415 ◽  
pp. 741-744
Author(s):  
D.K. Behera ◽  
Asis Sarkar
Keyword(s):  
Decision Making ◽  
Selection Process ◽  
Real Life ◽  
Fuzzy Topsis ◽  
Educational Background ◽  
Strategic Decision ◽  
Success Factor ◽  
Strategy Formulation ◽  
Topsis Technique ◽  
Selection Of

Selection of qualified faculty is a key success factor for any university. The aim of this paper is to support adequately the decision making process for those connected with the faculty selection process. The steps of fuzzy TOPSIS technique are considered, incorporating a new concept for the ranking of the alternative candidates. The candidates are judged on the following criterias such as strategy formulation/strategic decision making capability, change management /change adaptability, communication/interpersonal skill, leadership, risk/crisis management, knowledge of software/software tools , professional experience , and educational background. Five candidates with different skills are taken for the judgment of their fate. They were asked to answer a set of questionnaires made by the experts and after that they were evaluated by the experts board. The real life application on the selection of any executive member/post shows the practical utility of this method.

A review of the literature on DEA models under common set of weights

2020 ◽  
Vol 15 (4) ◽  
pp. 1277-1300
Author(s):  
Ignacio Contreras
Keyword(s):  
Future Research ◽  
Data Envelopment ◽  
Systematic Revision ◽  
Systematic Classification ◽  
Content Type ◽  
Dea Models ◽  
Common Set Of Weights ◽  
The Individual ◽  
Selection Of

Purpose Data envelopment analysis (DEA) is a mathematical method for the evaluation of the relative efficiency of a set of alternatives, which produces multiple outputs by consuming multiple inputs. Each unit is evaluated on the basis of the weighted output over the weighted input ratio with a free selection of weights and is allowed to select its own weighting scheme for both inputs and outputs so that the individual evaluation is optimized. However, several situations can be found in which the variability between weighting profiles is unsuitable. In those cases, it seems more appropriate to consider a common vector of weights. The purpose of this paper is to include a systematic revision of the existing literature regarding the procedures to determine a common set of weights (CSW) in the DEA context. The contributions are classified with respect to the methodology and to the main aim of the procedure. The discussion and findings of this paper provide insights into future research on the topic. Design/methodology/approach This paper includes a systematic revision of the existing literature about the procedures to determine a CSW in the DEA context. The contributions are classified with respect to the methodology and to the main aim of the procedure. Findings The discussion and findings of the literature review might insights into future research on the topic. Originality/value This papers revise the state of the art on the topic of models with CSW in DEA methodology and propose a systematic classification of the contributions with respect to several criteria. The paper would be useful for both theoretical and practical future research on the topic.

Business model innovation in small- and medium-sized enterprises

2019 ◽  
Vol 30 (8) ◽  
pp. 1127-1142 ◽  
Author(s):  
Julian Marius Müller
Keyword(s):  
Business Model ◽  
Industry 4.0 ◽  
Business Models ◽  
Customer Relationships ◽  
General Level ◽  
German Industry ◽  
Exploratory Research ◽  
Content Type ◽  
Business Model Canvas ◽  
Key Resources

Purpose Industry 4.0 is expected to significantly transform industrial value creation. However, research on business models affected through Industry 4.0, and on small- and medium-sized enterprises (SMEs), remains scarce. In response, the purpose of this paper is to address both aspects, further elaborating on the role that SMEs can take toward Industry 4.0 as provider or user. Design/methodology/approach The paper used an exploratory research design based on 43 in-depth expert interviews within the three most important German industry sectors, mechanical and plant engineering, electrical engineering and automotive suppliers. Interviews were conducted with leading personnel of the respective enterprises, including 22 CEOs. They assign business model implications through Industry 4.0, referring to the Business Model Canvas, while the paper delineates between Industry 4.0 providers and users. Findings The paper finds that key resources and value proposition are among the most affected elements of the business model, whereas channels are the least affected. Furthermore, distinct characteristics between Industry 4.0 providers and users can be delineated. In general, Industry 4.0 providers’ business models are significantly more affected than users, except for key partners and customer relationships. Research limitations/implications Industry 4.0 remains at its early stages of implementation. As a result, many interviewees’ answers remain at a rather general level. Practical implications Strategies for the further alignment of the business models are provided for Industry 4.0 providers and users. Originality/value The paper is among the few that investigate Industry 4.0 in the context of SMEs and business models.

Responding to open business models

2017 ◽  
Vol 38 (2) ◽  
pp. 33-40
Author(s):  
Louis-David Benyayer ◽  
Martin Kupp
Keyword(s):  
Business Model ◽  
Design Methodology ◽  
Business Models ◽  
Community Action ◽  
Content Type ◽  
Five Dimensions ◽  
The Right ◽  
Practical Implications ◽  
Selection Of ◽  
Open Business Models

Purpose The purpose of this paper is to provide guidelines for practitioners in choosing the right response to potential threats by open business models. Design/methodology/approach The study focuses on identifying the dimensions of open business models. It consisted of 32 interviews with experts on open business models complemented by panel discussions with a selection of experts to validate the findings. Findings Five dimensions of open business models are identified: motivation, object, community, action and governance. Based on those dimensions, three responding strategies are proposed. Practical implications This paper offers insights for strategists and entrepreneurs who consider developing open business models or are attacked by competitors or other market players with open business models. Originality/value Complementing previous research, this paper highlights how the five dimensions of open business model can serve as a tool to design appropriate strategies when confronted with new forms of competition.

Optimal maintenance level of equipment with multiple components

2016 ◽  
Vol 22 (2) ◽  
pp. 180-187 ◽  
Author(s):  
Anil Rana
Keyword(s):  
Life Experience ◽  
Sea Water ◽  
Real Life ◽  
Water System ◽  
Optimal Level ◽  
Maintenance Cost ◽  
Optimum Level ◽  
Content Type ◽  
Optimal Maintenance ◽  
Selection Of

Purpose – The purpose of the paper is to provide a method for selection of an optimum level of repair by replacement of an equipment based on its cost. In a ship where the engineer has a vast variety of equipment and systems to operate and maintain within limited time frames and availability of human resources, it is often difficult to disassemble a whole equipment to replace a faulty component. It is instead a lot easier to just replace the faulty equipment with whole new equipment. However, such a decision comes at an enormous capital cost. Therefore, the key question is, can we have a model to help us arrive at a decision on the correct level of carrying out repairs? Design/methodology/approach – The paper uses a model based on cost and convolution of failure distributions of critical sub-components of an equipment. Necessary assumptions based on real life experience have been incorporated in the model. Findings – The paper used an example of a particular type of motor driven sea water centrifugal pump which was commonly used in main engine sea water system, firefighting system, air conditioning system, etc. The pump had one of the highest failure rates in the ship (approximately one failure per 150 days) and the engineers found it cost and time effective to replace the entire pump on failure rather than carrying out replacement of the failed components. The model analyzed that the engineer’s hunch was not off the mark. Research limitations/implications – The implication of the work presented in the paper will be savings in maintenance cost and downtime due to optimal level of repairs on a multi-component equipment. The limitations of the work are assumption of independence of failures of components. This may not be true in all the cases. Further, opportunity based maintenance has also not been considered. Originality/value – The originality of the paper lies in the presentation of a method for selection of an optimum level of maintenance for a multi-component equipment

Improving customer retention management through cost-sensitive learning

2014 ◽  
Vol 48 (3/4) ◽  
pp. 477-495 ◽  
Author(s):  
Kristof Coussement
Keyword(s):  
Real Life ◽  
Customer Retention ◽  
Success Factor ◽  
Consumer Decision Making ◽  
Churn Prediction ◽  
Misclassification Cost ◽  
Content Type ◽  
Cost Sensitive Learning ◽  
Customer Churn ◽  
Retention Management

Purpose – Retailers realize that customer churn detection is a critical success factor. However, no research study has taken into consideration that misclassifying a customer as a non-churner (i.e. predicting that (s)he will not leave the company, while in reality (s)he does) results in higher costs than predicting that a staying customer will churn. The aim of this paper is to examine the prediction performance of various cost-sensitive methodologies (direct minimum expected cost (DMECC), metacost, thresholding and weighting) that incorporate these different costs of misclassifying customers in predicting churn. Design/methodology/approach – Cost-sensitive methodologies are benchmarked on six real-life churn datasets from the retail industry. Findings – This article argues that total misclassification cost, as a churn prediction evaluation measure, is crucial as input for optimizing consumer decision making. The practical classification threshold of 0.5 for churn probabilities (i.e. when the churn probability is greater than 0.5, the customer is predicted as a churner, and otherwise as a non-churner) offers the worst performance. The provided managerial guidelines suggest when to use each cost-sensitive method, depending on churn levels and the cost level discrepancy between misclassifying churners versus non-churners. Practical implications – This research emphasizes the importance of cost-sensitive learning to improve customer retention management in the retail context. Originality/value – This article is the first to use the concept of misclassification costs in a churn prediction setting, and to offer recommendations about the circumstances in which marketing managers should use specific cost-sensitive methodologies.

A comprehensive insight into the Six Sigma DMAIC toolbox

2016 ◽  
Vol 7 (4) ◽  
pp. 406-429 ◽  
Author(s):  
Meryem Uluskan
Keyword(s):  
Six Sigma ◽  
Success Factors ◽  
Vital Role ◽  
Success Factor ◽  
Content Type ◽  
Critical Success ◽  
Literature Reviews ◽  
And Control

Purpose As opposed to general literature reviews, by narrowing down the context only around the resources related to Six Sigma tools, this study aims to offer a strong discussion about Six Sigma toolbox which has a vital role in the success of Six Sigma. Design/methodology/approach Based on a comprehensive literature research, the most used tools; classification of tools; flow of tools with respect to define, measure, analyze, improve and control (DMAIC) steps; tools as critical success factors and reasons of ineffective use of tools are reviewed. To stay focused and not to diverge from the research aim, 60 articles which are suitable to the context and flow of the discussion are selected during the construction of the study. Findings The study provides a detailed and integrated review of Six Sigma articles about tools. The most used tools are listed from different perspectives and resources, and the role of these tools has been discussed. After a broad review, a more practical and combined classification of Six Sigma tools is proposed. Next, the issue of using which tools during which steps of DMAIC is systematically addressed. Finally, emergence of tools as a critical success factor and the gaps in the literature related to tools of Six Sigma are pointed out. Practical implications Addressing important statistics and the facts related to the tools of Six Sigma helps new practitioners in particular to build a strategic filter to select the most proper tools throughout their projects. Originality/value This study is unique in investigating only Six Sigma toolbox and providing a literature review on this subject.

scholarly journals How to select good leaders in Asian countries: the case of China and Singapore

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Franky K.H. Choi
Keyword(s):  
Real Life ◽  
Historical Analysis ◽  
Asian Countries ◽  
The West ◽  
Content Type ◽  
Universal Suffrage ◽  
Successful Leadership ◽  
Comparative Historical Analysis ◽  
Life Context ◽  
Selection Of

PurposeThe purpose of this paper is to bring out the possibility of selecting good leaders in Asian countries, i.e., China and Singapore.Design/methodology/approachSince comparative historical analysis enhances the objectivity for academic discussion, Deng Xiaoping’s and Lee Kuan Yew’s leadership successions have been chosen as the cases for studies by virtue of “method of agreement”. Incorporating “argument based on the contrary” into the context for macro-historical analysis, this paper characterises the duo’s successful (at least quite successful) leadership successions, thus offering an alternative paradigm beyond Western-style democracy.FindingsBoth cases of post-Mao China and the independent Singapore indicate that in quite a number of Asian countries, good leaders could still be selected beyond universal suffrage as practised among Western Electoral Democracies, mainly because of the elites-driven context. As to the duo’s succession results, Deng Xiaoping’s selection of leaders was somewhat successful, while Lee Kuan Yew’s was phenomenal.OriginalityThis paper offers readers a glance over the possibility of selecting good leaders in Asian countries not fully based on Western-style democracy. Learning from the duo’s leadership successions, the West may treat elite politics as the supplement under Western Electoral Democracies in order to avoid their countries falling into the trap of populism. The West could meanwhile consider the exceptional criteria prized by the duo for leadership successions. Considering such interactions among elites in the real-life context, it could serve as an alternative model to Western-style democracy.

The disaster return-entry process: a discussion of issues, strategies and future research

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laura K. Siebeneck ◽  
Thomas J. Cova
Keyword(s):  
Design Methodology ◽  
Future Research ◽  
Science Literature ◽  
Research Needs ◽  
Key Factors ◽  
Content Type ◽  
Emergency Managers ◽  
Selection Of ◽  
Disaster Science

PurposeReturn-entry is understudied in the disaster science literature. This paper provides an overview of the return-entry process, identifies key factors informing the selection of return strategy, proposes a simple classification of return strategies and offers ideas for advancing research in this area.Design/methodology/approachThis paper explores previous research and recent return-entry processes in order to advance understanding of strategies emergency managers employ and decisions they make when managing the return movement of evacuees home after disasters.FindingsThe paper offers new insights into the management of the return movement, proposes primary factors considered when developing return strategies and offers a framework for the selection of strategies utilized by emergency managers.Originality/valueGiven that return-entry is a burgeoning area of inquiry in disaster science, this paper advances knowledge and understanding of return-entry movements after disasters and outlines key research needs.

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