Abstract Book of the 11th International Conference on Business, Management and Economics
Year: 2025
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Opportunities and Challenges of Implementing Industry 4.0 Technologies in Business Operations
Irshan Khan, Syed Mubaraz
ABSTRACT:
This research addresses the implementation of Industry 4.0 (I4.0) technologies in business operations. Using the Finnish businesses as the context of research, the study presents the answer to vital questions including how industries are adopting I4.0 in Finland and what are some of the opportunities and challenges in the implementation of I4.0 technologies. We bank on Porter’s five forces model as theoretical framework. The study is explorative in nature and uses qualitative research methodology. The empirical data is collected through semi-structures interviews with personnel from several industries located in Finland. The results show that implementation of I4.0 has created integrated value-creation networks and ecosystems across various market segments. These ecosystems are reshaping market dynamics and competitive landscapes for companies involved. This new environment offers opportunities for growth, value capture, and sustainable competitive advantages. The integrated value network has prompted industrial companies to re-evaluate their strategic roles within the value chain and select suitable partners for ecosystem creation. Manufacturers, partners, suppliers, and customers are collaborating to build ecosystems for mutually beneficial objectives. The I4.0 is a crucial area for future business development in the Finnish industries. It’s a growth area with ongoing business initiatives focused on investing in I4.0 product and service development and selling potential solutions to other various industries. In Besides, the results also highlight some challenges industries have faced during the implementation of I4.0 technologies in business operations including immediate requirement of improved cyber security solutions, lack of industry-specific standardization, prevailing resistance to change, and dire need of trained human resources capable of working with I4.0 technologies.
Keywords: business development, ecosystem, nordic countries, porter’s five forces, value networks