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Published in: Society 6/2020

01-12-2020 | Global Society

The Challenges of Defining the Term “Industry 4.0”

Authors: Petra Kowalikova, Petr Polak, Roman Rakowski

Published in: Society | Issue 6/2020

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Abstract

The presented study deals with the definition of the Industry 4.0 phenomenon, which generally refers to the so-called Fourth Industrial Revolution. In the framework of this analysis, the interpretation of this term is examined in strategic documents (from the government, experts, representatives of businessmen and employees) and in the professional literature (expert interpretation of the term). For the purpose of defining the Industry 4.0 concept, a simplified scheme is created which divides it into descriptive and normative definitions. The description of “what is” includes a retrospective on previous industrial revolutions and the definition of possible areas of automation. Conversely, the normative description of “how it should be” works with the sustainability of competition in the global space, while providing guidance on how to prepare society for this (r)evolution. These preparations, which include subsidies to companies, education reforms, planning and reform of the welfare state, automation as a process of excluding an individual from the manufacturing process and cost savings, will lead to the creation of a new society, we argue.
Footnotes
2
Basic terminology for Corporate Finance within Industry 4.0, as well as analysis of an impact of the Artificial Intelligence in that area, was introduced for the first time in Polak et al., 2018. The authors discuss the corporate treasury management move to e-BAM, e-billing, e-procurement, future e-services, common enterprise-wide XML standard, and “follow-the-sun” cash management/cash pooling solutions.
 
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Metadata
Title
The Challenges of Defining the Term “Industry 4.0”
Authors
Petra Kowalikova
Petr Polak
Roman Rakowski
Publication date
01-12-2020
Publisher
Springer US
Published in
Society / Issue 6/2020
Print ISSN: 0147-2011
Electronic ISSN: 1936-4725
DOI
https://doi.org/10.1007/s12115-020-00555-7