scholarly journals Industry 4.0 and Society 5.0: Opportunities and Threats

2020 ◽  
Vol 8 (5) ◽  
pp. 3305-3308 ◽  
Keyword(s):  
Industry 4.0 ◽  
Intelligent Systems ◽  
Business Models ◽  
Wealth Distribution ◽  
Advanced Technology ◽  
Special Focus ◽  
Ageing Population ◽  
Technological Advances ◽  
New Business ◽  
Future Society

Industry 4.0 promises to revolutionize industrial production with increased operational efficiency, the development of new business models, services and products. It enables real-time production planning and dynamic optimization in contrast to conventional forecast. The tools and technological advances developed by Industry 4.0 will have a significant role to improving the quality of life in society in order to enable a happier, motivated, and satisfied and with more time for leisure. As a consequence, it will increase productivity and the mankind will choose the direction and the kind of society we want to create in the future to promote equal wealth distribution. As consequence of Industry 4.0 emerges Society 5.0, beginning in Japan, due to the concern of the ageing population. Society 5.0 focuses on the use of tools and technologies developed by Industry 4.0 to benefit the humankind. Intelligent systems, developed by Industry 4.0, could be seen by society as a beneficial rather than as adversaries. Future society could benefit from advanced technology in solving problems and economically. Society 5.0 has a special focus to position the human being at the centre of innovation, technological transformation and industrial automation, stimulated by Industry 4.0. This new Society 5.0 paradigm will play a predominant role in creating a happier, satisfied, fulfilled and consequently more productive society. Society 5.0, also called the super intelligent society, intends to use advanced technology of Industry 4.0 for enjoyment of humankind, in order to promote an interconnection between people and systems in cyberspace with optimization of results by artificial intelligence.

Economic and legal regulation of economic activity in the formation of Industry 4.0

2021 ◽  
pp. 105-110
Author(s):  
Nataliya Vnukova
Keyword(s):  
Economic Activity ◽  
Industry 4.0 ◽  
Business Models ◽  
Legal Regulation ◽  
Digital Economy ◽  
Main Body ◽  
National Academy Of Sciences ◽  
Industrial Economics ◽  
New Business ◽  
Develop Technology

Problem setting. The development of the digital economy, taking into account international experience, provides a comprehensive analysis of the regulation of economic activity in relation to the application of Industry 4.0 technologies. Conditions for the development of the digital economy and society provide a thorough analysis of economic and legal regulation of economic activity on the use of innovations in Industry 4.0. Actualization of processes is enhanced by the practical actions of various stakeholders, which emphasizes the need for economic and legal support of this process. Therefore, there is a need to develop recommendations for identifying changes in the economic and legal regulation of the actions of economic entities to develop technologies in Industry 4.0. Analysis of resent researches and publications. OECD conducted a study on the development of digital economy and new business models (2014), Polish scientists R. Pukala, M. Ratajczak, Wozniak Jechorek B. consider the problems of communication in the context of digitalization and startups, recommendations for enterprise development in Industry 4.0 on the basis of their intellectualization provided by researchers of the Institute of Industrial Economics of the National Academy of Sciences of Ukraine N. Bryukhovetskaya and O. Chorna. Plakitkin by Yu. and L. consider programs of Industry 4.0 and digital economy. Target of research. Development of theoretical provisions and practical recommendations for determining changes in the economic and legal regulation of the actions of economic entities to develop technology 4.0 Industry. Article’s main body. The current changes in the regulation of economic activity that occur during the development of Industry 4.0 are considered. An innovative approach to the use of modern search engine Google Trends to determine the interest in the digital economy in the world, the results of a survey to understand the concept of Industry 4.0 and determine the potential level of interest of businesses in Ukraine to invest in the industry 4.0 Conclusions and prospects for the development. To regulate economic activity in the context of the development of Industry 4.0 requires developments in the field of law, the results of the survey indicate the need for further analytical and organizational activities to increase the interest of different categories of businesses in the development of Industry 4.0.

Industry 4.0 and Sustainability

2020 ◽  
pp. 67-84
Author(s):  
Sibel Yildiz Çankaya ◽  
Bülent Sezen
Keyword(s):  
Sustainable Development ◽  
Global Warming ◽  
Natural Resources ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
New Business ◽  
The Impact ◽  
Industrial Revolutions ◽  
New Business Models

Modern industry developed over several centuries and three industrial revolutions. Today, we experience the fourth era of the industrial revolution, Industry 4.0. The advance of industrialization brought along many problems, including environmental pollution, global warming, and depletion of natural resources. As a result, the concept of sustainability began to gain importance. Sustainability can be achieved through a balance between economic, social, and environmental processes. In order to establish such balance, businesses need new business models or insights. At this point, Industry 4.0 can be regarded as a new business mindset that will help businesses and communities move towards sustainable development. The technologies used by Industry 4.0 bear a strong promise to solve these problems, after all. Even though Industry 4.0 attracts a lot of attention lately, few works are available on its impact on sustainability. This chapter examines the impact of Industry 4.0 on sustainability.

Industry 4.0 will arrive unevenly

2016 ◽  
Keyword(s):  
Industry 4.0 ◽  
Business Models ◽  
Capital Expenditure ◽  
Intelligent Manufacturing ◽  
Content Type ◽  
Production Distribution ◽  
New Business ◽  
Production Flexibility ◽  
Smart Factories ◽  
New Business Models

Subject Outlook for industry 4.0. Significance Dubbed variously 'Industry 4.0', 'intelligent manufacturing' or the 'internet of everything', cyber-physical systems that control the flow of materials, products and information are starting to transform industrial production and supply chains. They will eventually disrupt business models and challenge policymakers. Impacts Improved production flexibility and vertical integration with customers should facilitate bespoke manufacturing ('mass customisation'). Entire value chains will vertically integrate, embracing product design, procurement, production, distribution, sales and maintenance. Horizontal integration around smart factories will create new business models based on manufacturing as a service (MaaS). Pay-by-use and subscription-based MaaS could upend traditional models for financing capital expenditure on plant and equipment.

scholarly journals The analysis of return on investment of trade in Serbia: Actual situation and perspective

2018 ◽  
pp. 777-802
Author(s):  
Radojko Lukic
Keyword(s):  
Return On Investment ◽  
Business Models ◽  
Modern Technology ◽  
Special Focus ◽  
Actual Situation ◽  
Gross Margin ◽  
Inventory Investment ◽  
New Business ◽  
Significant Measure ◽  
New Business Models

In a very significant measure of the performance of trade companies, there is a return on investment. This applies in particular to the gross margin return on inventory investment. In this paper, in view of this, we especially investigate the trend and factors of the return on investment, with a special focus on the gross margin return on inventory investment of trade in Serbia. The efficiency of investment management in retail companies in Serbia is at a lower level than global retailers. In order to increase it in the future, it is certainly necessary to apply ?new business models? and modern technology.

scholarly journals Digital transformation and new business models as determinants of formation of the economy of nontypical employment

2020 ◽  
Vol 10 (1) ◽  
pp. 33-54
Author(s):  
Anatoliy Kolot ◽  
Oksana Herasymenko
Keyword(s):  
Industry 4.0 ◽  
Business Models ◽  
Digital Transformation ◽  
Systematic Research ◽  
Gig Economy ◽  
The World ◽  
New Business ◽  
A Chain ◽  
Work And Employment ◽  
New Business Models

With the development of the Fourth Industrial Revolution and the formation of a new technological basis – “Industry 4.0” - a dynamic multi-vector transformation of the leading institutes of economy and society takes place, social and labor relations in general and employment in particular acquire new format and content. The quintessence of the article is a scientific-applied substantiation of the construct of nontypical employment economy, scientific argumentation and further development of previous researches of authors regarding determinants of gig-economy formation under the influence of economic and social development “digitalization” and emergence of new business models. that radically change all components of the world of work. New facets of the complex world of work and employment have been revealed and the increase of the newest knowledge in this field has been received under systematic research of a chain of changes: introduction of “Industry 4.0” breakthrough technologies → “digitalization” as a dominant vector of technological innovations → formation of new business models → changes in social division of labor and the content of labor processes → the emergence and intensive development of employment forms immanent to the new (digital) economy. It is substantiated that the main root cause, a kind of “trig- ger” for the emergence and reproduction of the chain of researched changes is digital transformation of the economy and society. The essence of today’s phenomena, which determine the development of the “gig economy”, is revealed. The argumentation of the spread of platform business models and their impact on the world of work and employment is given. A new theoretical construction of a chain of changes, the “output” of which is new forms and, a new platform for social and labor developmen t in general, has been suggested. The research focuses on finding answers to a number of questions posed to every conscious person. Among them are the following ones: Why can’t the modern economy “get along” with traditional (standard) forms of employment? Why does atypicality become not the exception but the norm? How do specific mechanisms and tools for transforming standard forms of employment into new ones, which are immanent to modern conditions of economic and social progress, behave in practice?

scholarly journals HIGHER EDUCATION INSTITUTIONS IN THE FACE OF COMPETITIVE CHALLENGES

2021 ◽  
Vol 71 (2) ◽  
Author(s):  
Olesia Kanash ◽  
Olena Zhukova ◽  
Volodymyr Parsiak
Keyword(s):  
Higher Education ◽  
Industry 4.0 ◽  
Business Models ◽  
Educational Process ◽  
Educational Services ◽  
New Business ◽  
The Face ◽  
Training Quality ◽  
Key Indicators

The article presents the results of observing the events that have taken place in the highly competitive market of educational services in our country over the past years and consequences of their influence on domestic higher educational institutions. The most significant among these results are the next: a decrease in the number of students who come from Ukraine for high quality and less expensive education, than in their countries, the curtailment of the national cluster of the formation of professional competencies centers and also the number of scientific and pedagogical personnel reduction, their training quality, who are meant for maintaining the intellectual capital of the nation at the proper level, that is especially alarming. Identified negative trends are in contradiction with the views of the key states of the planet regarding the role of education in the era of Industry 4.0 establishment. And the impressive statistics of countries that are at the forefront of the implementation of Industry 4.0 products and the quality of education are proof of this. The rapid diffusion of innovative technologies created by Industry 4.0, new business models requires consequently a new quality of workforce. It is suggested that many problems appeared due to the special content of state policy in the economic sphere. Alas, it does not contribute to such a required growth of business and, as a result, leads to a chronic budget deficit and a decrease in spending on social programs and on higher education, in particular. In these circumstances, it looks quite attractive to encourage students to receive educational services in our country from those regions where there is a torrentially growing desire for academic migration among young people. Regardless on the true motives of the growth in the popularity of it. There is an urgent need to analyze the current situation of education in Ukraine, to study the dynamics of key indicators to identify the challenges facing the modern education system. The results of the analysis will help to look soberly at the problems, overcoming which will be a priority for reformers of the educational process.

Text Mining

2017 ◽  
pp. 338-358 ◽  
Author(s):  
Kijpokin Kasemsap
Keyword(s):  
Text Mining ◽  
Language Processing ◽  
Business Models ◽  
Cost Savings ◽  
Advanced Technology ◽  
Service Development ◽  
Business And Society ◽  
Biomedical Sciences ◽  
New Business ◽  
Processing Information

This chapter reveals the overview of text mining; text mining, patent analysis, and keyword selection; text mining and sentiment analysis in modern marketing; text mining applications in the biomedical sciences; and the multifaceted applications of text mining. Text mining is an advanced technology utilized in business, marketing, biomedical sciences, education, and operations. Text mining offers a solution to many problems, drawing on techniques concerning information retrieval, natural language processing, information extraction, and knowledge management. Through text mining, information can be extracted to derive summaries for the words contained in the documents. Text mining has the potential to increase the research base available to business and society and to enable business to utilize the research base more effectively. Economic and societal benefits of text mining include cost savings, productivity gains, innovative new service development, new business models, and new medical treatments.

The Future of Modern Jobs

2020 ◽  
pp. 124-149
Keyword(s):  
Artificial Intelligence ◽  
Internet Of Things ◽  
Industry 4.0 ◽  
Business Models ◽  
The Internet ◽  
Learning Journey ◽  
New Business ◽  
To Come ◽  
The Internet Of Things ◽  
New Business Models

Throughout this book, the authors have discussed the implications of the rise of artificial intelligence, Industry 4.0, the internet of things, and new business models that do not have any known precedents. While discussing the skills needed to survive in the modern economy, they have yet to address the issue of what will become of our jobs. Will our children dream of the same jobs we dreamed once before? Will they require the same studies we had to follow to reach our actual positions? Will our jobs still exist by the time we reach the pension, or will we need to reinvent everything that we know of? The authors do not have an answer to these questions; what they can do is only make educated guesses about what is about to come and be ready for it. In this last chapter, the authors see what experts think our future will look like and give their educated opinion in what to invest in our lifelong learning journey to be on top of this unprecedented disruption of the economy.

scholarly journals Business Model Representations for Value Creation Through Service information System

2020 ◽  
pp. 61-69
Author(s):  
Ibrahim Suleiman Yahaya ◽  
Aslan Bin Amat Senin ◽  
Maryam M.B Yusuf ◽  
Saleh F A Khatib ◽  
Amina Usman Sabo
Keyword(s):  
Business Model ◽  
Business Models ◽  
Innovation Process ◽  
Service Business ◽  
Business Model Canvas ◽  
Service Information ◽  
Technological Advances ◽  
New Business ◽  
Market Opportunities ◽  
New Business Models

Developing new service business - models is an essential task for various companies, driven by technological advances and lucrative market opportunities. To support the innovation process, various methods and techniques have been developed for creating new business models. However, the present business model strategies lack a reflection of market characteristics such as co-creation and as well as contextualization, restricting their appeal for creative service - business - models. The Service, Business Model Canvas “SBMC” will address this shortcoming founded on a combined research framework that pursues to advance the current business - model - representation. Aimed at this reason, a focusing group sessions method was conducted that suggested using the SBMC to design, understand, and evaluate co-creation in dealing business models. Besides, this research offers insights to how business model representations are implemented in the process of product creation.

scholarly journals Extending micro-credentials to micro-apprenticeships for the Fourth Industrial Revolution: Enhancing vocational education and training in the post-pandemic’s ‘new normal’

2021 ◽  
Vol 12 (1) ◽  
pp. 39-43
Author(s):  
Pi-Shen Seet ◽  
Janice T. Jones
Keyword(s):  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
Vocational Education And Training ◽  
New Normal ◽  
International Borders ◽  
New Business ◽  
Digital Competencies ◽  
Increasing Demand ◽  
Restricted Mobility

As noted in the foreword of this Special Issue, COVID-19 has accelerated the Fourth Industrial Revolution’s or Industry 4.0’s disruption to the labour market (Sally, 2021). Beyond Industry 4.0 (I4.0), the COVID-19 pandemic has accelerated the adoption of digital technologies by enterprises, underscoring the need for workers to continuously upskill their digital competencies in order to remain relevant (Heinonen & Strandvik, 2021). Besides digitisation, organisations have had to innovate and adopt new business models to adapt to the ‘new normal’ of surviving and growing beyond the COVID-19 pandemic (Heinonen & Strandvik, 2021). In countries that largely relied on skilled migration as an important source of talent, the closure of international borders has restricted mobility of human capital resulting in insufficient skilled employees to meet the current and ever-increasing demand for skills (Guadagno, 2020).

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