TY - GEN
T1 - Application of Porter’s Value Chain Model for Construing Potential Prospects and Lacunas in Industry 4.0 Adoption by 21st Century Manufacturers
AU - Ajayi, Makinde Oluwafemi
AU - Laseinde, Opeyeolu Timothy
N1 - Publisher Copyright:
© The Author(s), under exclusive license to Springer Nature Switzerland AG 2021.
PY - 2021
Y1 - 2021
N2 - Manufacturing firms are lately experiencing a paradigm shift from mass production to customized production. As such, it becomes more pertinent for industrial entities to engage digital and intelligent systems of manufacturing. Industry 4.0, also known as the Fourth Industrial Revolution (4IR), is spurred by integrating digital technologies. This is embedded within an interoperable global value chain that guarantees sustainable operational efficiency and value optimization. This paper presents a review evaluating the potential opportunities and threats manufacturing firms experience with adopting the 4IR and the implication on value chains. An extensive literature review was conducted by analyzing accredited resources, using peer-reviewed articles, industry reports, and validated information obtainable in global repositories. The study generated a better understudying of Industry 4.0 technology adoption and their underlying impact (favor-able and non-favorable) on industrial value chains. Significant findings reveal that the practice of industry 4.0 has a significant effect on organization cost, material resources, processes, products, systems, humans, and business models in manufacturing firms. The findings indicate that the impact of Industry 4.0 on manufacturing firms be studied holistically as against localized study of enterprises and country. As such, global views with inter-country economic peculiarities and realities must be considered.
AB - Manufacturing firms are lately experiencing a paradigm shift from mass production to customized production. As such, it becomes more pertinent for industrial entities to engage digital and intelligent systems of manufacturing. Industry 4.0, also known as the Fourth Industrial Revolution (4IR), is spurred by integrating digital technologies. This is embedded within an interoperable global value chain that guarantees sustainable operational efficiency and value optimization. This paper presents a review evaluating the potential opportunities and threats manufacturing firms experience with adopting the 4IR and the implication on value chains. An extensive literature review was conducted by analyzing accredited resources, using peer-reviewed articles, industry reports, and validated information obtainable in global repositories. The study generated a better understudying of Industry 4.0 technology adoption and their underlying impact (favor-able and non-favorable) on industrial value chains. Significant findings reveal that the practice of industry 4.0 has a significant effect on organization cost, material resources, processes, products, systems, humans, and business models in manufacturing firms. The findings indicate that the impact of Industry 4.0 on manufacturing firms be studied holistically as against localized study of enterprises and country. As such, global views with inter-country economic peculiarities and realities must be considered.
KW - Industry 4.0
KW - Manufacturing firms
KW - Opportunities
KW - Threats
KW - Value chain
UR - http://www.scopus.com/inward/record.url?scp=85142304242&partnerID=8YFLogxK
U2 - 10.1007/978-3-030-80462-6_44
DO - 10.1007/978-3-030-80462-6_44
M3 - Conference contribution
AN - SCOPUS:85142304242
SN - 9783030804619
T3 - Lecture Notes in Networks and Systems
SP - 353
EP - 363
BT - Advances in Manufacturing, Production Management and Process Control - Proceedings of the AHFE 2021 Virtual Conferences on Human Aspects of Advanced Manufacturing, Advanced Production Management and Process Control, and Additive Manufacturing, Modeling Systems and 3D Prototyping, 2021
A2 - Trzcielinski, Stefan
A2 - Mrugalska, Beata
A2 - Karwowski, Waldemar
A2 - Rossi, Emilio
A2 - Di Nicolantonio, Massimo
PB - Springer Science and Business Media Deutschland GmbH
T2 - AHFE Conferences on Human Aspects of Advanced Manufacturing, Advanced Production Management and Process Control, and Additive Manufacturing, Modeling Systems and 3D Prototyping, 2021
Y2 - 25 July 2021 through 29 July 2021
ER -
