INDUSTRY 4.0 AS SMART ENABLER FOR INNOVATIVE BUSINESS MODELS

Abstract

Industry 4.0 is the upcoming 4th revolution within industrial setups across the world, mainly in manufacturing hubs. Industrial internet of Things (IIOT) will alter the dimensions of the way businesses used to be conducted and the way value was assessed and retrieved. IIOT tends to have a critical impact on the business models (BM) within various industrial sectors, either manufacturing or services. This study tries to observe IIOT related effects on the business models in regards to manufacturing industry from a Tech-based consultancy point of view. This study employs exploratory multiple case study approach to the topic, which is based upon semi-structured expert’s interviews from high-tech consultancy firms and managerial consultancy firms across the Nordic region with holding an international profiles and background experiences. Since it is observed that there is ambiguity and lack of enough research regarding the IIOT and BMs in combine relation, thus this study contribute to the existing managerial literature and preliminary research works with following valuable insights: Collaboration with IT based firms will be key success factor for the successful implementation of smart factory in a sustainable manner. Smart technologies associated with IIOT will adapt in more optimized manner for proactive players according to their specifications. Cost efficiency can be achieved if the structural policy regarding IIOT designs is feasible enough to maintain large scale operations. Moreover, this study provides some valuable advisory information for the firms looking to kick start modernization efforts towards IIOT related advancements. Keywords: Industry 4.0, Industrial internet of things, business models, business model elements, multiple case study, consultancy, expert interviews, qualitative study, smart enablers.