Application of Porter’s Value Chain Model for Construing Potential Prospects and Lacunas in Industry 4.0 Adoption by 21st Century Manufacturers

Makinde Oluwafemi Ajayi, Opeyeolu Timothy Laseinde

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

3 Citations (Scopus)

Abstract

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.

Original languageEnglish
Title of host publicationAdvances 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
EditorsStefan Trzcielinski, Beata Mrugalska, Waldemar Karwowski, Emilio Rossi, Massimo Di Nicolantonio
PublisherSpringer Science and Business Media Deutschland GmbH
Pages353-363
Number of pages11
ISBN (Print)9783030804619
DOIs
Publication statusPublished - 2021
EventAHFE Conferences on Human Aspects of Advanced Manufacturing, Advanced Production Management and Process Control, and Additive Manufacturing, Modeling Systems and 3D Prototyping, 2021 - Virtual, Online
Duration: 25 Jul 202129 Jul 2021

Publication series

NameLecture Notes in Networks and Systems
Volume274
ISSN (Print)2367-3370
ISSN (Electronic)2367-3389

Conference

ConferenceAHFE Conferences on Human Aspects of Advanced Manufacturing, Advanced Production Management and Process Control, and Additive Manufacturing, Modeling Systems and 3D Prototyping, 2021
CityVirtual, Online
Period25/07/2129/07/21

Keywords

  • Industry 4.0
  • Manufacturing firms
  • Opportunities
  • Threats
  • Value chain

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Signal Processing
  • Computer Networks and Communications

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