THE FOURTH INDUSTRIAL REVOLUTION IS HERE. IS EUROPEAN UNION PREPARED TO ADOPT IT?
THE FOURTH INDUSTRIAL REVOLUTION IS HERE. IS EUROPEAN UNION PREPARED TO ADOPT IT?
Author(s): Angela Albu, Flavius Costel Clim, Maria Sabina AlbuSubject(s): Business Economy / Management, EU-Accession / EU-DEvelopment, ICT Information and Communications Technologies
Published by: Asociaţia de Cooperare Cultural-Educaţională Suceava
Keywords: digitized economy; digitization of products and services; fourth industrial revolution; Industry 4.0.; knowledge intensive sectors;
Summary/Abstract: We are currently witnessing major changes in production systems, diversification and service delivery as well as business models. A new concept was introduced approx. 6 years ago - Industry 4.0. or The Fourth Industrial Revolution. This new concept refers not only to industrial branches, but encompasses the whole business environment, meaning the digitization of all physical assets in an economic entity and integration into digital eco-systems with partners in the value chain, partners that can be individuals or other economic entities. This paper aims to study the implications that the Fourth Industrial Revolution will have on production systems, services and human resources, to see how prepared we are to cope with the changes that will come in a very short horizon of time. For this purpose, the case study analyzes a number of relevant indicators at the level of the European Union and other developed countries that provide information on adapting economies to the requirements of the Industry 4.0 concept.
Journal: Ecoforum
- Issue Year: 8/2019
- Issue No: 1
- Page Range: 0-0
- Page Count: 12
- Language: English