COMPARISON OF THE INDUSTRY 4.0 CONCEPT IN SELECTED COUNTRIES IN THE PERIOD OF GLOBALIZATION

Martina Kováčiková () and Katarína Repková Štofková ()
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Martina Kováčiková: Faculty of Operation and Economics of Transport and Communication, University of Žilina
Katarína Repková Štofková: Faculty of Operation and Economics of Transport and Communication, University of Žilina

CBU International Conference Proceedings, 2018, vol. 6, issue 0, 253-259

Abstract: Our society goes beyond the threshold of a new technological revolution, which will obviously affect the world economy, affect the life, work, communication of people and facilities. Significant features of the economy include the growth of market variability, the shortening of product lifecycles, the growth of global chain influences, but also the fact that current consumers demand products with individual solutions. Intelligent items, products, machines and devices will allow manufacturers to produce original products without increasing costs. Industry 4.0 or the fourth industrial revolution is the name for dramatic changes and their current entry into the industry. The bearer of these changes is product digitization, digitization and optimization of all business processes, including services. The period of globalization brings new challenges for businesses.This contribution is focused on the characteristics of Industry 4.0, the tools used for the area in question, the advantages and disadvantages of Industry 4.0 and the Industry 4.0 initiative concept and the comparison of the concept with the Czech Republic and Germany. The Czech Republic is geographically and culturally close to Slovakia, while Germany is the leader in this area within the EU.

Keywords: Industry 4.0concept; period of globalization; new challenges; business (search for similar items in EconPapers)
JEL-codes: D40 L20 O30 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aad:iseicj:v:6:y:2018:i:0:p:253-259

DOI: 10.12955/cbup.v6.1165

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