The impact of Industry 4.0 on business results

Tomáš Krulický (), Yelyzaveta Apanovych (), Yelyzaveta Apanovych () and Veronika Rodová ()
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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

Entrepreneurship and Sustainability Issues, 2024, vol. 11, issue 4, 205-218

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.

Keywords: Industry 4.0; enterprise; automation; robotization; digitalization (search for similar items in EconPapers)
JEL-codes: E31 E61 M21 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:11:y:2024:i:4:p:205-218

DOI: 10.9770/jesi.2024.11.4(13)

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