Industry 4.0: Navigating Pathways Toward Smart Manufacturing and Services

Item Type Book Section
Abstract The rise of global competitors operating at a lower cost, trade restrictions caused by the US-China dispute and local content requirements, and eroding margins in many product businesses all exert downward pressure on industrial firms’ profitability. This is further exacerbated by the short- and long-term economic consequences of the COVID-19 pandemic. A crucial lesson manufacturers learned is that value chains need to be more resilient toward external shocks. Production processes need to become more flexible to adjust for short-term changes in demand, and customer support has to be ensured even when travel restrictions apply. Industry 4.0 and smart manufacturing and services hereby play a crucial role in reaching these goals and are much better prepared for future challenges. The underlying article elaborates upon this matter and most crucially unfolds upon the pathways toward smart manufacturing and services. Finally, valuable success factors for managing and operating within the Industry 4.0 domain are stated.
Authors Friedli, Thomas; Classen, Moritz & Budde, Lukas
Language English
Keywords Industry 4.0; Smart manufacturing; Smart services; Value chains; Digital technologies
Subjects business studies
HSG Classification contribution to scientific community
HSG Profile Area SoM - Business Innovation
Date 21 August 2021
Publisher Springer International Publishing
Place of Publication Cham
Title of Book Connected Business
ISBN 978-3-030-76897-3
Publisher DOI
Depositing User Moritz Classen
Date Deposited 26 Aug 2021 14:50
Last Modified 26 Aug 2021 14:51


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Friedli, Thomas; Classen, Moritz & Budde, Lukas: Industry 4.0: Navigating Pathways Toward Smart Manufacturing and Services. In Connected Business. Cham : Springer International Publishing, 2021,

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