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The impact of Industry 4.0 on business results

Author

Listed:
  • Tomáš Krulický

    (Institute of Technology and Business in České Budějovice, Czech Republic)

  • Yelyzaveta Apanovych

    (Institute of Technology and Business in České Budějovice, Czech Republic)

  • Yelyzaveta Apanovych

    (Pan-European University, Slovakia)

  • Veronika Rodová

    (Institute of Technology and Business in České Budějovice, Czech Republic)

Abstract
The article aims to present the impact of Industry 4.0, which has developed worldwide as a new revolution in production and impacted manufacturing companies and changes in companies in the Czech Republic that apply it. Discussions in the engineering business emphasise the need to consider both the benefits and drawbacks of proposed modifications. In today's fast-paced environment, staying current with trends and continuing education is critical. Changes can be chaotic, affecting several industries. Businesses must change rapidly to stay caught up. The current trend is Industry 4.0, in which emphasis is placed on automation, digitisation, robotisation, artificial intelligence, etc., and this is an era of opportunities for digitalisation on a comprehensive scale. Employee change in response to new technology requires preparedness and skill development. Furthermore, business investment prioritises land and labour substitution for capital and technological equipment updates. The industry seeks to improve process quality and efficiency while promoting environmental sustainability and waste reduction in corporate production, emphasising the critical need for a comprehensive sustainable strategy. The study examines the influence of Industry 4.0 on corporate performance over five years, focusing on prospective transitions towards the new industrial age. The authors employed data collection, content analysis, and correlation approaches. The findings show varying added value patterns post-implementation, impacted mainly by firm size.

Suggested Citation

  • Tomáš Krulický & Yelyzaveta Apanovych & Yelyzaveta Apanovych & Veronika Rodová, 2024. "The impact of Industry 4.0 on business results," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 11(4), pages 205-218, June.
    • Handle: RePEc:ssi:jouesi:v:11:y:2024:i:4:p:205-218
    DOI: 10.9770/jesi.2024.11.4(13)
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    More about this item

    Keywords

    Industry 4.0; enterprise; automation; robotization; digitalization;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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