Abstract
One of the most hyped concepts in the manufacturing industry is 'Industry 4.0'. The 'Industry 4.0' concept is grabbing the attention of every manufacturing industry across the globe because of its immense applications. This phenomenon is an advanced version of Industry 3.0, combining manufacturing processes and the latest Internet of Things (IoT) technologies. The main advantage of this paradigm shift is efficiency and efficacy in the manufacturing process with the help of advanced automated technologies. The concept of 'Industry 4.0' is contemporary, so it falls under exploratory study. Therefore, the research methodology is thematic narration grounded on secondary data (online) analysis. In this light, this chapter aims to explain 'Industry 4.0' in terms of concepts, theories and models based on the Web of Science (WoS) database. The data include research manuscripts, book chapters, blogs, white papers, news items and proceedings. The study details the latest technologies behind the 'Industry 4.0' phenomenon, different business intelligence technologies and their practical implications in some manufacturing industries. This chapter mainly elaborates on Industry 4.0 frameworks designed by (1) PwC (2) IBM (3) Frost & Sullivan.
| Original language | English |
|---|---|
| Title of host publication | Fostering Sustainable Development in the Age of Technologies |
| Publisher | Emerald Publishing |
| Pages | 269-287 |
| Number of pages | 19 |
| ISBN (Electronic) | 9781837530601 |
| ISBN (Print) | 9781837530618 |
| DOIs | |
| State | Published - 13 Dec 2023 |
| Externally published | Yes |
Keywords
- Digital twins
- Industry 4.0
- IoT
- Robotics
- Smart factory
ASJC Scopus subject areas
- General Economics, Econometrics and Finance
- General Business, Management and Accounting
