Module3 unit3 summary post

Industry 4.0 represents the fourth industrial revolution, marked by the incorporation of digital technologies such as IoT, AI, and big data analytics. However, the adoption of these technologies introduces new risks, notably an increased vulnerability to cyber attacks due to the growing number of connected devices (Cabaj et al, 2018). For example, the WannaCry ransomware attack impacted many industries worldwide, including manufacturing which disrupted operations and led to financial losses (Wikipedia,2017). Additionally, the automation and advanced technologies of Industry 4.0 may result in job displacement and exacerbate skills gaps (Raizada, 2023). The example of Tesla when releasing the self driving car showed how this innovation disrupted the transportation industry and raised concerns about the future of jobs such as delivery personnel or taxi drivers. Furthermore, Kovaitė and Stankevičienė (2019) argue that AI,machine learning and other digital technologies have played a transformative role in the industry 4.0 which raised risks. For example, competence risks and the need of new skills and competencies in industry 4.0; Kazançoglu and Özkan Özen (2018) argue that it will be vital to establish new criteria to hire and evaluate the human workforce. Moreover, Hecklau et al(2016) highlight the scarcity of qualified workers to meet the Industry 4.0 challenges, which makes it a critical factor in the process of adjusting businesses to the Industry 4.0 landscape, thus executives and recruiters now seek innovative behavior, critical thinking, knowledge and adaptation to technology during the recruitment and screening of applicants during the hiring processes.

To effectively implement Industry 4.0, companies must address various risks, including economic, social, legal, political, ecological, technical, and IT concerns. Identifying, assessing, and evaluating these risks are crucial for successful technology transfer and change management (Gadekar et al., 2021). Ultimately, Industry 4.0 presents a complex interplay between innovation and security, necessitating proactive risk management strategies for businesses to thrive in this rapidly evolving landscape.

References

  • Cabaj, K., Domingos, D., Kotulski, Z. & Ana Respício, (2018).Cybersecurity education: Evolution of the discipline and analysis of master programs,Computers & Security,Volume 75, Pages 24-35. ISSN 0167-4048,https://doi.org/10.1016/j.cose.2018.01.015

  • Gadekar, R., Sarkar, B. & Gadekar, A. (2021). Assessment of Risks for Successful Implementation of Industry 4.0. Recent Advances in Computer Science and Communications. 13. 10.2174/2666255813999200928215915.

  • Hecklau F., Galeitzke M., Flachs S. and Kohl H. (2016). Holistic Approach for Human Resource Management in Industry 4.0, Procedia CIRP, 54, pp. 1-6.

  • Kazançoglu Y. and Özkan Özen Y. (2018). Analyzing Workforce 4.0 in the Fourth Industrial Revolution and proposing a road map from operations management perspective fuzzy DEMATEL, Journal of Enterprise Information Management, 31(6), pp. 891-907

  • Kristina Kovaitė & Jelena Stankevičienė (2019). “Risks of digitalisation of business models,” in Proceedings of 6th International Scientific Conference Contemporary Issues in Business, Management and Economics Engineering ‘2019. [Online]. 2019 Vilnius Gediminas Technical University. p. Available at: https://www.researchgate.net/profile/Kristina-Kovaite/publication/333063956_Risks_of_digitalisation_of_business_models/links/5fa66e2a299bf10f732cb536/Risks-of-digitalisation-of-business-models.pdf [Accessed 02 Feb. 2024]

  • Raizada, A. (2023). The Future of Work in Industry 4.0: How Automation and AI are Reshaping Manufacturing Jobs. Available from:https://copperdigital.com/blog/industry-4-automation-ai-reshaping-manufacturing-jobs/#:~:text=Automation%20and%20Job%20Displacement,job%20losses%20in%20specific%20industries. [Accessed 2 Feb. 2024].

  • Wikipedia (2023). WannaCry ransomware attack. Available from: https://en.wikipedia.org/wiki/WannaCry_ransomware_attack [Accessed 1 Feb. 2024].