Assessment of Readiness of Croatian Companies to Introduce I4.0 Technologies

Rajka Hrbić Author-Email: rajka.hrbic@hnb.hr and Tomislav Grebenar ()
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Rajka Hrbić Author-Email: rajka.hrbic@hnb.hr: The Croatian National Bank, Croatia
Tomislav Grebenar: The Croatian National Bank, Croatia

No 63, Working Papers from The Croatian National Bank, Croatia

Abstract: The main topic of this paper is to estimate the possibility and inclination of Croatian companies towards technology and inovation as well as to analize advantages, limitations and risks involved with this significant technological leap. In this paper, we analized 7.147 of Croatian business entities operating in different industries. Starting point in this research is to identify other subjects which could be users of I4.0 or its elements, based on the simmilarity of indicators with indicators of a sample of 58 identified I4.0 companies. We developed machine learning model by using eXtreme Gradient Boosting algoritm (XGBoost) for this purpose, an approach which has not been used in any similar reserches. This research shows that the main difference between I4.0 and traditional industry is mostly observable in significantly better businesess performance of investment indicators, cost efficiency, technical equipment and market competitivness. Riskiness of I4.0 companies is significantly lower than the riskiness of traditional ones. We identified 141 companies (1,97% of total analized sample) as potential users of I4.0, which make around 27% of total assets of the analised sample and around 26% of revenues.

Keywords: Industry 4.0; eXtreme Gradient Boosting (XGBoost); artificial intelligence; robotics; high-tech companies; machine learning; impacts of Iw4.0 on bussines results (search for similar items in EconPapers)
JEL-codes: C45 D22 D24 O14 O32 O33 (search for similar items in EconPapers)
Pages: 58 pages
Date: 2021-03
New Economics Papers: this item is included in nep-big, nep-cmp, nep-eff and nep-ict
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