Sustainability Route for Industry 4.0: The Future of Global Circular Economic Transition

The traditional linear models have proved to be ineffective in perspective of the limited resources of the earth and there is an intensifying stress on the resource side due to the ever-rising global population. Moreover, this results in the unsustainable and inefficient consumption of natural resources, increasing costs of commodities and volatility in the markets, which are unaffordable for the manufacturing base of our economy. The current business models based on the traditional economic policies are not only blindly followed globally but they also neglect the organizational specifics. The circular economy or closed-loop economy is an approach in which the waste or residuals from an industry can be used as raw material for another industry there by reducing the demand on earth’s natural resources. The expected ultimate goal of this circular system is the reduction of gap between the organizational characteristics like profitability, organizational structure and decision making policies, market position and the adoption of circular economic practices.

Responding to Changes in Environmental Turbulence - A Strategy to Driving Business Growth in Facing Economic Downturns

Society 5.0 focuses on people and changes from innovation to technological transformation through industrial automation 4.0. In this study, environmental turbulence refers to exogenous factors that give rise to an uncertain and volatile situation that impacts performance. This study was measured by asking respondents’ perceptions through explanatory studies and preliminary surveys about market predictability, innovation, and customer preference. Disruptive innovation and environmental turbulence are key creative drivers for reengineering businesses; however, only agile innovation can take advantage of the economic downturn. Exploratory case studies and literature reviews are using to test the antecedent of environmental turbulence, Distinctive Innovation Capabilities, through an innovative business model to firm performance. From a managerial perspective, this study provides a comprehensive view of environmental turbulence’s impact, how to develop a DIC strategy for developing an organization’s business model, how to achieve it, what variables contribute, and how to relate it to performance. This research’s authenticity lies in how management comes up with a practically oriented framework of how organizations shape to be innovative and competitive by constructing common business models. However, this study has limitations due to its qualitative nature and conceptual framework, which needs to be investigated further through large-scale surveys by quantitative research.