Towards measurability and identification of key benchmarks of industry 4.0

This study presents an analysis, comparison and evaluation of the Industry 4.0 Concept, with the focus on the measurement of its overall benefit. Based on a wide range of theoretical perspectives, outcomes of expert studies and analyzes of top consultancy firms, we infer that senior management curre...
Ausführliche Beschreibung

This study presents an analysis, comparison and evaluation of the Industry 4.0 Concept, with the focus on the measurement of its overall benefit. Based on a wide range of theoretical perspectives, outcomes of expert studies and analyzes of top consultancy firms, we infer that senior management currently has very indistinct ideas and exaggerated expectations of the content and benefits of the Industry 4.0 Concept. The result of this confusion is often either the rejection or questioning of the revolutionary aspect of Industry 4.0 and its overall benefits. Consecutively, executives are unable to effectively manage business processes towards gaining market benefits. The study identifies three major elements that are associated with management’s unclear or exaggerated expectations about Industry 4.0 Concept. These factors are: the unclear theoretical basis; the broad practical focus of the concept itself and ultimately also the excessively misuse, exploitation and overly general application of the given term by marketers and consulting firms. Together with that Industry 4.0 faces an absence of generally accepted Key Benchmarks of Industry 4.0. The main impact of this is that there are currently very limited ways or criteria to differentiate the degree of companies’ involvement in the Industry 4.0. Ausführliche Beschreibung