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Managing the influences and risks of Industry 4.0

Engelbertink, D.G.L. and Woudstra, S. (2017) Managing the influences and risks of Industry 4.0.

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Abstract:During the last centuries, the industrial sector has faced significant changes; it has undergone several revolutions. Currently, men are saying we are at the dawn of the fourth revolution, which is marked by using cyber-physical systems and the Internet of Things. This possible new revolution is marked as Industry 4.0 (I4.0). Currently, I4.0 is becoming a top priority for many research centres, universities, and companies. However, impacts are not clear. This study is concerned with identifying current Industry 4.0 applications within firms, even as future states and risks in order to explore the possible state of industry 4.0. This survey aims at receiving data from twelve companies in a qualitative way. Thereafter data will be processed in order to provide a view of current and future states even as risk regarding I4.0. Companies are working towards a more digitized environment in which processes are automated, monitored real-time and self-configured. Companies are getting more transparent by the use of more data which is acquired, analysed and used to make decisions. Industry 4.0 also enables more flexibility which supports mass-customization. Besides this more data will be shared throughout the supply chain which will optimize transparency and Supply Chain performances. Important in this process is to take risks into account. On both side, cyber and physical, risks occur and companies are getting more vulnerable. Risk assessment while using risk models should create awareness of risks.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/72705
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