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Assessment of Readiness of Croatian Companies to Introduce I4.0 Technologies

Author

Listed:
  • Rajka Hrbić

    (The Croatian National Bank, Croatia)

  • Tomislav Grebenar

    (The Croatian National Bank, Croatia)

Abstract

The main topic of this paper is to estimate the possibility and inclination of Croatian companies towards technology and inovation as well as to analize advantages, limitations and risks involved with this significant technological leap. In this paper, we analized 7.147 of Croatian business entities operating in different industries. Starting point in this research is to identify other subjects which could be users of I4.0 or its elements, based on the simmilarity of indicators with indicators of a sample of 58 identified I4.0 companies. We developed machine learning model by using eXtreme Gradient Boosting algoritm (XGBoost) for this purpose, an approach which has not been used in any similar reserches. This research shows that the main difference between I4.0 and traditional industry is mostly observable in significantly better businesess performance of investment indicators, cost efficiency, technical equipment and market competitivness. Riskiness of I4.0 companies is significantly lower than the riskiness of traditional ones. We identified 141 companies (1,97% of total analized sample) as potential users of I4.0, which make around 27% of total assets of the analised sample and around 26% of revenues.

Suggested Citation

  • Rajka Hrbić & Tomislav Grebenar, 2021. "Assessment of Readiness of Croatian Companies to Introduce I4.0 Technologies," Working Papers 63, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:wpaper:63
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    File URL: https://www.hnb.hr/documents/20182/3776564/w-063.pdf
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    More about this item

    Keywords

    Industry 4.0; eXtreme Gradient Boosting (XGBoost); artificial intelligence; robotics; high-tech companies; machine learning; impacts of Iw4.0 on bussines results;
    All these keywords.

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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