Contents |
Authors:
Gabriela Andrișan, ORCID: https://orcid.org/0000-0002-1815-9090 PhD Student, The Bucharest University of Economic Studies, Bucharest, Romania Andra Modreanu, ORCID: https://orcid.org/0000-0002-6476-2886 PhD Student, The Bucharest University of Economic Studies, Bucharest, Romania
Pages: 39-46
Language: English
DOI: https://doi.org/10.21272/bel.6(1).39-46.2022
Received: 16.02.2022
Accepted: 17.03.2022
Published: 29.03.2022
Download: |
Views: |
Downloads: |
|
|
|
Abstract
This article highlights the opportunities and consequences of the Fourth Industrial Revolution for business management daily. The primary objective of the research is to comprehend how the economy has evolved over the last two centuries and the implications for business and market competition. Contemporary events have contributed to the continued evolution of the opportunities and adaptability that the Industrial Revolution offered the business community. These two concepts have enabled a much more appropriate risk management approach. Many businesses have begun to utilize their resources in novel and innovative ways, allowing them to remain afloat even during the current global pandemic. The authors have found that with the help of the tools provided by the Fourth Industrial Revolution, businesses and business owners can better navigate these trying times and have been permitted to reinvent themselves easier. Thus, this article presents a theoretical framework for analyzing how the Industrial Revolutions have been perceived throughout history, emphasizing the most recent one. A formulation of the most pervasive features and the aspects associated with them would be derived as an outcome of the existing literature review, allowing space for further analysis in future studies in which one can elaborate on each aspect presented in this current paper. The findings indicate that the Fourth Industrial Revolution is a vast subject that can be approached in various ways. The business perspective allows the reader to dive into the current economic situation and helps provide a broad picture of all the sectors affected by this global crisis, be it political, geographical, or cultural. The results of the research can be used to gain a better understanding of the position where the business world finds itself, and the importance of adaptability and innovation in this scenario.
Keywords: Adaptability, Business Model, Competition, Fourth Industrial Revolution, Innovation.
JEL Classification: M1, M19.
Cite as: Andrișan, G., Modreanu, A. (2022). An Overview of The Fourth Industrial Revolution through the Business Lens. Business Ethics and Leadership, 6(1), 39-46. https://doi.org/10.21272/bel.6(1).39-46.2022
This work is licensed under a Creative Commons Attribution 4.0 International License
References
- Choudhury, S. (2020). Will the Pandemic Bring Industrial Revolution 4.0 Closer to Home? In P. Kumar, A. Agrawal, and P. Budhwar (Ed.) Human & Technological Resource Management (HTRM): New Insights into Revolution 4.0 (pp. 157-166). Emerald Publishing Limited, Bingley. [Google Scholar] [CrossRef]
- Hooker & Kim (2019). Ethical Implications of the Fourth Industrial Revolution for Business and Society. In Business Ethics (pp. 35-63). UK: Emerald Publishing. [Google Scholar] [CrossRef]
- Johannessen, J.-A. (2020). Intelligent Robots and Business Organization at the Start of the Innovation Economy (The Fourth Industrial Revolution). Knowledge Management for Leadership and Communication, Emerald Publishing Limited, Bingley, pp. 97-121. [CrossRef]
- Lee, Minhwa & Yun, Jinhyo & Pyka, Andreas & Won, Dongkyu & Kodama, Fumio & Schiuma, Giovanni & Park, Hangsik & Jeon, Jeonghwan & Park, Kyungbae & Id, Kwangho & Jung, Kwangho & Yan, Min-Ren & Lee, Samyoul & Zhao, Xiaofei (2018). How to Respond to the Fourth Industrial Revolution, or the Second Information Technology Revolution? Dynamic New Combinations between Technology, Market, and Society through Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity. 4(3), 21. [Google Scholar] [CrossRef]
- Liu, C. (2017). International Competitiveness and the Fourth Industrial Revolution. Entrepreneurial Business and Economics Review, 5, 111-133. [CrossRef]
- Marinescu, P. & Toma, S.-G. (2017). Creativity and innovation in management. Manager, 25, 147-154. Available at: [Link]
- Özkan, M., AL, A., and Yavuz, S. (2018). Uluslararası politik ekonomi açisindan dördüncü sanayi endüstri devrimi’nin etkilerive Türkiye [The effects of the fourth industrial revolution in terms of international political economy and Turkey]. Marmara University Journal of Political Science, 6(2), 126-156. Available at: [Link]
- Pettinger, R. (2020). The Socio-Economic Foundations of Sustainable Business: Managing in the Fourth Industrial Revolution. Springer Nature. ISBN:978-3-030-39273-4. 130 p. [Google Scholar] [CrossRef]
- Porter, M.E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Free Press. Available at: [Link]
- Schiele, H., Bos-Nehles, A., Delke, V., Stegmaier, P., and Torn, R. (2021). Interpreting the industry 4.0 future: technology, business, society and people. Journal of Business Strategy. Ahead-of-print(ahead-of-print).
- Schwab, K. & Malleret, T. (2020). COVID-19: the great reset (1st ed.). Cologny/Geneva Schweiz: Forum Publishing. ISBN9782940631124. Available at: [Link]
- Schwab, K. (2018). Shaping the Fourth Industrial Revolution. 1st ed. New York: Currency. ISBN:101984822616. Available at: [Link]
- Şen, E. & İrge, N.T. (2020). Industry 4.0 and Agile Firms. In Akkaya, B. (Ed.) Agile Business Leadership Methods for Industry 4.0 (pp. 209-231). Emerald Publishing Limited, Bingley. [Google Scholar] [CrossRef]
- Soh, C. & Connolly, D. (2020). New Frontiers of Profit and Risk: The Fourth Industrial Revolution’s Impact on Business and Human Rights. New Political Economy. 26, 1-18. [Google Scholar] [CrossRef]
- Tohănean, D. & Toma, S.-G. (2018). Innovation, a key element of business models in the Fourth Industrial Revolution. Network Intelligence Studies, VI(12), 121-130. [Google Scholar]
- Tohănean, D., Toma, S.-G., & Dumitru, I. (2018). Organizational performance and digitalization in industry 4.0. Journal of Emerging Trends in Marketing and Management, 1(1), 282-293. Available at: [Link]
- Toma, S.-G. (2013). Economia Întreprinderii. [Enterprise economy]. București: Editura Universității din București. ISBN 978-606-16-0329-9. Available at: [Link]
- Toma, S.-G. & Marinescu, P. (2013). Global strategy: the case of Nissan Motor Company. Procedia Economics and Finance, 6, 418-423. Available at: [Link]
- Toma, S.-G. & Marinescu, P. (2015). Strategy and change. Manager, 21(1), 145-150. Available at: [Link]
- Toma, S.-G. & Tohănean, D. (2018). Internet of Things, digitalization and the future of business models. Strategii Manageriale, IV(42), 130-137. Available at: [Link]
- Toma, S.-G. & Tohănean, D. (2019). Green business models: The case of a German automaker. Quality-Access to Success, 20(S2), 635-640. Available at: [Link]
|