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Purpose The purpose of this paper is to conduct a state-of-the-art review of the ongoing research on the Industry 4.0 phenomenon, highlight its key design principles and technology trends, identify its architectural design and offer a strategic roadmap that can serve manufacturers as a simple guide for the process of Industry 4.0 transition. Design/methodology/approach The study performs a systematic and content-centric review of literature based on a six-stage approach to identify key design principles and technology trends of Industry 4.0. The study further benefits from a comprehensive content analysis of the 178 documents identified, both manually and via IBM Watson’s natural language processing for advanced text analysis. Findings Industry 4.0 is an integrative system of value creation that is comprised of 12 design principles and 14 technology trends. Industry 4.0 is no longer a hype and manufacturers need to get on board sooner rather than later. Research limitations/implications The strategic roadmap presented in this study can serve academicians and practitioners as a stepping stone for development of a detailed strategic roadmap for successful transition from traditional manufacturing into the Industry 4.0. However, there is no one-size-fits-all strategy that suits all businesses or industries, meaning that the Industry 4.0 roadmap for each company is idiosyncratic, and should be devised based on company’s core competencies, motivations, capabilities, intent, goals, priorities and budgets. Practical implications The first step for transitioning into the Industry 4.0 is the development of a comprehensive strategic roadmap that carefully identifies and plans every single step a manufacturing company needs to take, as well as the timeline, and the costs and benefits associated with each step. The strategic roadmap presented in this study can offer as a holistic view of common steps that manufacturers need to undertake in their transition toward the Industry 4.0. Originality/value The study is among the first to identify, cluster and describe design principles and technology trends that are building blocks of the Industry 4.0. The strategic roadmap for Industry 4.0 transition presented in this study is expected to assist contemporary manufacturers to understand what implementing the Industry 4.0 really requires of them and what challenges they might face during the transition process.

Rapid advances in industrialisation and informatisation methods have spurred tremendous progress in developing the next generation of manufacturing technology. Today, we are on the cusp of the Fourth Industrial Revolution. In 2013, amongst one of 10 ‘Future Projects’ identified by the German government as part of its High-Tech Strategy 2020 Action Plan, the Industry 4.0 project is considered to be a major endeavour for Germany to establish itself as a leader of integrated industry. In 2014, China’s State Council unveiled their ten-year national plan, Made-in-China 2025, which was designed to transform China from the world’s workshop into a world manufacturing power. Made-in-China 2025 is an initiative to comprehensively upgrade China’s industry including the manufacturing sector. In Industry 4.0 and Made-in-China 2025, many applications require a combination of recently emerging new technologies, which is giving rise to the emergence of Industry 4.0. Such technologies originate from different disciplines including cyber-physical Systems, IoT, cloud computing, Industrial Integration, Enterprise Architecture, SOA, Business Process Management, Industrial Information Integration and others. At this present moment, the lack of powerful tools still poses a major obstacle for exploiting the full potential of Industry 4.0. In particular, formal methods and systems methods are crucial for realising Industry 4.0, which poses unique challenges. In this paper, we briefly survey the state of the art in the area of Industry 4.0 as it relates to industries.

Digitization and intelligentization of manufacturing process is the need for today’s industry. The manufacturing industries are currently changing from mass production to customized production. The rapid advancements in manufacturing technologies and applications in the industries help in increasing productivity. The term Industry 4.0 stands for the fourth industrial revolution which is defined as a new level of organization and control over the entire value chain of the life cycle of products; it is geared towards increasingly individualized customer requirements. Industry 4.0 is still visionary but a realistic concept which includes Internet of Things, Industrial Internet, Smart Manufacturing and Cloud based Manufacturing. Industry 4.0 concerns the strict integration of human in the manufacturing process so as to have continuous improvement and focus on value adding activities and avoiding wastes. The objective of this paper is to provide an overview of Industry 4.0 and understanding of the nine pillars of Industry 4.0 with its applications and identifying the challenges and issues occurring with implementation the Industry 4.0 and to study the new trends and streams related to Industry 4.0.

This paper builds a dynamic industry model with heterogeneous firms that explains why international trade induces reallocations of resources among firms in an industry. The paper shows how the exposure to trade will induce only the more productive firms to enter the export market (while some less productive firms continue to produce only for the domestic market) and will simultaneously force the least productive firms to exit. It then shows how further increases in the industry's exposure to trade lead to additional inter-firm reallocations towards more productive firms. These phenomena have been empirically documented but can not be explained by current general equilibrium trade models, because they rely on a representative firm framework. The paper also shows how the aggregate industry productivity growth generated by the reallocations contributes to a welfare gain, thus highlighting a benefit from trade that has not been examined theoretically before. The paper adapts Hopenhayn's (1992a) dynamic industry model to monopolistic competition in a general equilibrium setting. In so doing, the paper provides an extension of Firms with different productivity levels coexist in an industry because each firm faces initial uncertainty concerning its productivity before making an irreversible investment to enter the industry.

Staying at the top is getting tougher and more challenging due to the fast-growing and changing digital technologies and AI-based solutions. The world of technology, mass customization, and advanced manufacturing is experiencing a rapid transformation. Robots are becoming even more important as they can now be coupled with the human mind by means of brain–machine interface and advances in artificial intelligence. A strong necessity to increase productivity while not removing human workers from the manufacturing industry is imposing punishing challenges on the global economy. To counter these challenges, this article introduces the concept of Industry 5.0, where robots are intertwined with the human brain and work as collaborator instead of competitor. This article also outlines a number of key features and concerns that every manufacturer may have about Industry 5.0. In addition, it presents several developments achieved by researchers for use in Industry 5.0 applications and environments. Finally, the impact of Industry 5.0 on the manufacturing industry and overall economy is discussed from an economic and productivity point of view, where it is argued that Industry 5.0 will create more jobs than it will take away.

Objectives and Orientation. Industry Structure and Performance in Perfectly Contestable Markets: The Single Product Case. Ray Behavior and Multiproduct Returns to Scale. Cost Concepts Applicable to Multiproduct Cases. The Cost-Minimizing Industry Structure. Input-Price Changes, Cost Functions, And Efficient Industry Structure. Natural Monopoly: Sufficient Conditions for Subaddivity. Monopoly Equilibrium. Equilibrium in the Multiproduct Competitive Industry. Fixed Costs, Sunk Costs, Entry Barriers, Public Goods, And Sustainability of Monopoly. Sustainable Industry Configurations: General Industry Structures in Contestable Markets. Powers of the Market Mechanism. Intertemporal Sustainability. Intertemporal Unsustainability. Toward Empirical Analysis. Toward Application of the Theory. Developments Since the Book. Bibliography. Index.

Industry 4.0, an initiative from Germany, has become a globally adopted term in the past decade. Many countries have introduced similar strategic initiatives, and a considerable research effort has been spent on developing and implementing some of the Industry 4.0 technologies. At the ten-year mark of the introduction of Industry 4.0, the European Commission announced Industry 5.0. Industry 4.0 is considered to be technology-driven, whereas Industry 5.0 is value-driven. The co-existence of two Industrial Revolutions invites questions and hence demands discussions and clarifications. We have elected to use five of these questions to structure our arguments and tried to be unbiased for the selection of the sources of information and for the discussions around the key issues. It is our intention that this article will spark and encourage continued debate and discussion around these topics.

It once took two decades to replace one-third of the Fortune 500; now a subset of new firms are challenging and displacing this elite group at a breathtaking rate, while armies of startups come and go within just a few years. Most new jobs are, in fact, coming from small firms, reversing the trend of a century. David Audretsch takes a close look at the U.S. economy in motion, providing a detailed and systematic investigation of the dynamic process by which industries and firms enter into markets, either grow and survive, or disappear. He shapes a clear understanding of the role that small, entrepreneurial firms play in this evolutionary process and in the asymmetric size distribution of firms in the typical industry. Audretsch introduces the large longitudinal database maintained by the U.S. Small Business Administration that is used to identify the startup of new firms and track their performance over time. He then provides different snapshots of the process of industries in motion: why new-firm startup activity varies so greatly across industries; what happens to these firms after they enter the market; the extent to which entrepreneurial firms account for an industry's economic activity and why that measure varies across industries; how small firms compensate for size-related disadvantages; and who exits and why. Audretsch concludes that the structure of industries is characterized by a high degree of fluidity and turbulence, even as the patterns of evolution vary considerably from industry to industry. The dynamic process by which firms and industries evolve over time is shaped by three fundamental factors: technology, scale economies, and demand. Most important, the evidence suggests that it is the differences in the knowledge conditions and technology underlying each specific industry -- key elements in innovation -- that are responsible for the pattern particular to that industry.

Digital twin (DT) is one of the most promising enabling technologies for realizing smart manufacturing and Industry 4.0. DTs are characterized by the seamless integration between the cyber and physical spaces. The importance of DTs is increasingly recognized by both academia and industry. It has been almost 15 years since the concept of the DT was initially proposed. To date, many DT applications have been successfully implemented in different industries, including product design, production, prognostics and health management, and some other fields. However, at present, no paper has focused on the review of DT applications in industry. In an effort to understand the development and application of DTs in industry, this paper thoroughly reviews the state-of-the-art of the DT research concerning the key components of DTs, the current development of DTs, and the major DT applications in industry. This paper also outlines the current challenges and some possible directions for future work.

Abstract This study partitions the total variance in rate of return among FTC Line of Business reporting units into industry factors (whatever their nature), time factors, factors associated with the corporate parent, and business‐specific factors. Whereas Schmalensee (1985) reported that industry factors were the strongest, corporate and market share effects being extremely weak, this study distinguishes between stable and fluctuating effects and reaches markedly different conclusions. The data reveal negligible corporate effects, small stable industry effects, and very large stable business‐unit effects. These results imply that the most important sources of economic rents are business‐specific; industry membership is a much less important source and corporate parentage is quite unimportant.

Our next generation of industry—Industry 4.0—holds the promise of increased flexibility in manufacturing, along with mass customization, better quality, and improved productivity. It thus enables companies to cope with the challenges of producing increasingly individualized products with a short lead-time to market and higher quality. Intelligent manufacturing plays an important role in Industry 4.0. Typical resources are converted into intelligent objects so that they are able to sense, act, and behave within a smart environment. In order to fully understand intelligent manufacturing in the context of Industry 4.0, this paper provides a comprehensive review of associated topics such as intelligent manufacturing, Internet of Things (IoT)-enabled manufacturing, and cloud manufacturing. Similarities and differences in these topics are highlighted based on our analysis. We also review key technologies such as the IoT, cyber-physical systems (CPSs), cloud computing, big data analytics (BDA), and information and communications technology (ICT) that are used to enable intelligent manufacturing. Next, we describe worldwide movements in intelligent manufacturing, including governmental strategic plans from different countries and strategic plans from major international companies in the European Union, United States, Japan, and China. Finally, we present current challenges and future research directions. The concepts discussed in this paper will spark new ideas in the effort to realize the much-anticipated Fourth Industrial Revolution.

The current globalization is faced by the challenge to meet the continuously growing worldwide demand for capital and consumer goods by simultaneously ensuring a sustainable evolvement of human existence in its social, environmental and economic dimensions. In order to cope with this challenge, industrial value creation must be geared towards sustainability. Currently, the industrial value creation in the early industrialized countries is shaped by the development towards the fourth stage of industrialization, the so-called Industry 4.0. This development provides immense opportunities for the realization of sustainable manufacturing. This paper will present a state of the art review of Industry 4.0 based on recent developments in research and practice. Subsequently, an overview of different opportunities for sustainable manufacturing in Industry 4.0 will be presented. A use case for the retrofitting of manufacturing equipment as a specific opportunity for sustainable manufacturing in Industry 4.0 will be exemplarily outlined.

This paper provides a model of firm and industry dynamics that allows for entry, exit, and firm-specific uncertainty generating variability in the fortunes of firms. It focuses on the impact of uncertainty arising from investment in research and exploration. It analyzes the behavior of individual firms in an evolving market place and derives optimal policies, including exit. Then it adds an entry process and aggregates the optimal behavior of all firms, including potential entrants, into a rational expectations Markov-perfect industry equilibrium and proves ergodicity of the equilibrium process. Numerical examples illustrate the detailed characteristics of the stochastic process generating industry structures. Copyright 1995 by The Review of Economic Studies Limited.

CONTEXT: Controversy exists over the fact that physicians have regular contact with the pharmaceutical industry and its sales representatives, who spend a large sum of money each year promoting to them by way of gifts, free meals, travel subsidies, sponsored teachings, and symposia. OBJECTIVE: To identify the extent of and attitudes toward the relationship between physicians and the pharmaceutical industry and its representatives and its impact on the knowledge, attitudes, and behavior of physicians. DATA SOURCES: A MEDLINE search was conducted for English-language articles published from 1994 to present, with review of reference lists from retrieved articles; in addition, an Internet database was searched and 5 key informants were interviewed. STUDY SELECTION: A total of 538 studies that provided data on any of the study questions were targeted for retrieval, 29 of which were included in the analysis. DATA EXTRACTION: Data were extracted by 1 author. Articles using an analytic design were considered to be of higher methodological quality. DATA SYNTHESIS: Physician interactions with pharmaceutical representatives were generally endorsed, began in medical school, and continued at a rate of about 4 times per month. Meetings with pharmaceutical representatives were associated with requests by physicians for adding the drugs to the hospital formulary and changes in prescribing practice. Drug company-sponsored continuing medical education (CME) preferentially highlighted the sponsor's drug(s) compared with other CME programs. Attending sponsored CME events and accepting funding for travel or lodging for educational symposia were associated with increased prescription rates of the sponsor's medication. Attending presentations given by pharmaceutical representative speakers was also associated with nonrational prescribing. CONCLUSION: The present extent of physician-industry interactions appears to affect prescribing and professional behavior and should be further addressed at the level of policy and education.

Recent evidence shows that within an industry, smaller firms grow faster and are more likely to fail than large firms. This paper provides a theory of selection with incomplete information that is consistent with these and other findings. Firms learn about their efficiency as they operate in the industry. The efficient grow and survive; the inefficient decline and fail. A perfect foresight equilibrium is proved by means of showing that it is a unique maximum to discounted net surplus. The maximization problem is not standard, and some mathematical results might be of independent interest. 1. THEORY AND EVIDENCE ON THE GROWTH AND SURVIVAL OF FIRMS Do SMALL FIRMS grow faster than large firms? Are they less likely to survive? Early studies found no relation between the size of firms and their growth rates [8, 14, 16]. The growth of firms seemed to be proportional to their size. In later work, adjustment costs with constant returns to scale were shown to imply that firms should grow in proportion to their size [10, 11]. Recent evidence from larger samples tells a different story. Mansfield [13] finds that smaller firms have higher and more variable growth rates. Du Rietz [6], in a sample of Swedish firms, again finds that smaller firms grow faster, and that they are less likely to survive [6,8,13]. These findings conflict with the adjustment costs theory in which all firms grow at the same rate, and in which failure does not happen. To explain these deviations from the proportional growth law, I propose a theory of noisy selection. Efficient firms grow and survive; inefficient firms decline and fail. Firms differ in size not because of the fixity of capital, but because some discover that they are more efficient than others. The model gives rise to entry, growth, and exit behavior that agrees, broadly, with the evidence. The model also agrees with some more tentative findings. First, firm size and concentration seem to be positively related to rates of return.2 Second, the correlation over time of rates of return is higher for larger firms and in the concentrated industries [15, 17]. Third, the variability of rates of return at a point in time is higher in the concentrated industries [17]. Finally, higher concentration is associated with higher profits for the larger firms, but not for the smaller firms

Introduction The Framework: An Information Paradigm Competition and Product Development in the World Auto Industry Performance of Product Development Process and Organization in Product Development Project Strategy: Managing Complexity Manufacturing Capability in Product Development Integrating Problem Solving Cycles Realizing Product Concepts in Product Design Overall Patterns of Effective Product Development The Future of Product Development in the Auto Industry General Management Implications in Product Development.

OBJECTIVE: To investigate whether funding of drug studies by the pharmaceutical industry is associated with outcomes that are favourable to the funder and whether the methods of trials funded by pharmaceutical companies differ from the methods in trials with other sources of support. METHODS: Medline (January 1966 to December 2002) and Embase (January 1980 to December 2002) searches were supplemented with material identified in the references and in the authors' personal files. Data were independently abstracted by three of the authors and disagreements were resolved by consensus. RESULTS: 30 studies were included. Research funded by drug companies was less likely to be published than research funded by other sources. Studies sponsored by pharmaceutical companies were more likely to have outcomes favouring the sponsor than were studies with other sponsors (odds ratio 4.05; 95% confidence interval 2.98 to 5.51; 18 comparisons). None of the 13 studies that analysed methods reported that studies funded by industry was of poorer quality. CONCLUSION: Systematic bias favours products which are made by the company funding the research. Explanations include the selection of an inappropriate comparator to the product being investigated and publication bias.

The creation of the Frankfurt School of critical theory in the 1920s saw the birth of some of the most exciting and challenging writings of the twentieth century. It is out of this background that the great critic Theodor Adorno emerged. His finest essays are collected here, offering the reader unparalleled insights into Adorno's thoughts on culture. He argued that the culture industry commodified and standardized all art. In turn this suffocated individuality and destroyed critical thinking. At the time, Adorno was accused of everything from overreaction to deranged hysteria by his many detractors. In today's world, where even the least cynical of consumers is aware of the influence of the media, Adorno's work takes on a more immediate significance. The Culture Industry is an unrivalled indictment of the banality of mass culture.