The Role of Industry 4.0 in the Context of Economic Performance of Enterprises: A Literature Review

Valaskova Katarina () and Nagy Marek ()
Additional contact information
Valaskova Katarina: University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 1, 010 26 Zilina, Slovakia
Nagy Marek: University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 1, 010 26 Zilina, Slovakia

Economics and Culture, 2024, vol. 21, issue 2, 123-137

Abstract: Research purpose. This literature review aims to comprehensively examine the role of Industry 4.0 in shaping the economic performance and sustainability of enterprises within Central European countries and provide a nuanced understanding of the impact of Industry 4.0 technologies on corporate performance in this regional context. Implementation of Industry 4.0 technologies, such as IoT devices, artificial intelligence, and robotics, enhances operational efficiency. This efficiency can lead to cost reductions, improved production processes, and streamlined supply chains, positively impacting the economic performance of enterprises. Increased innovation often translates to the development of new products and services, driving revenue growth and positively affecting economic metrics. Design / Methodology / Approach. Employing a literature review methodology, snowballing techniques, and bibliometric analysis, this study examines a wide range of scholarly articles, reports, and publications to discern patterns, current trends, and empirical evidence related to the nexus between Industry 4.0 adoption and corporate outcomes. Findings. The findings reveal the multifaceted influence of technologies such as automation, artificial intelligence, and the Internet of Things on key economic indicators, including revenue growth, cost efficiency, and profitability, across various industries. Additionally, the review highlights the current trends, identifies methodological approaches, and suggests potential avenues for future research. Originality / Value / Practical implications. This synthesis contributes valuable insights to the discourse on Industry 4.0’s implications for economic performance and sustainability, adds significant value to the understanding of the intersection between technological advancements and economic outcomes in the business landscape, offering a foundation for scholars, practitioners, and policymakers interested in navigating the transformative landscape of advanced technologies within the business context.

Keywords: industry 4.0; economic performance; economic sustainability. (search for similar items in EconPapers)
JEL-codes: G30 M14 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/jec-2024-0023 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecocul:v:21:y:2024:i:2:p:123-137:n:1008

DOI: 10.2478/jec-2024-0023

Access Statistics for this article

Economics and Culture is currently edited by Velga Vēvere

More articles in Economics and Culture from Sciendo
Bibliographic data for series maintained by Peter Golla ().