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J  .  A  . M  . I

Journal of Applied Management and Investments

 RUS    UKR

 

ISSN 2225-3467

 

 

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Current Issues & Archive

 Volume 10 Issue 1 2021                       < Previous paper                        

Topic:

Implications of theIndustry 4.0” Concept on Management Practice

Author(s):

 

Yurii Hrinchenko, Doctor of Economics, Associate Professor

Department of Marketing and Business Administration

Odesa Mechnikov National University, Ukraine

Abstract:

 

 

 

 

 

 

“Industry 4.0” concept was developed to meet the challenge of technology progress in the field of data processing, artificial intelligence, robotics and cyber-physical systems. This concept changes the production systems to serve efficiently various customer demands. The major obstacles for successful implementation of “Industry 4.0” from a CEO perspective are unclear economic benefits and excessive investments and lack of qualified employees. The readiness to adopt new approaches in engineering, management and education defines national strategies for the forth industrial revolution progress. The new concept of manufacturing builds integrated and customer-oriented supply-chains, so the outputs and inputs go beyond processes boundaries. The radical change in manufacturing design requires a new set of skills for engineers, managers and employees. Management experiences a substantial shift from functional-based to customer-value oriented logic. Meaning of efficiency and effectiveness, scope of planning and control, organizational design for power and task distribution, communication patterns and coordination networks challenges profound changes both in meaning and form. More flexible and complex environment, patterns for instant coordination, priority for autonomous decision-making require new skills and new attitudes for employees and managers to exploit all benefits of “Industry 4.0”.

Keywords:

 

Industry 4.0, smart factory, digital manufacturing, cyber-physical systems, organizational design, customer-oriented supply chain, efficiency, management paradigm

Type:

 

Research paper

Received:

February 23, 2021

Revised:

March 22, 2021

Accepted:

March 29, 2021

JEL Codes:

O33, M11, O14

Citation:

Hrinchenko, Y. (2021), “Implications of the “Industry 4.0” Concept on Management Practice”, Journal of Applied Management and Investments, Vol. 10 No. 1, pp. 31-41.

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