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Influence Of The Digital Revolution Industry 4.0 On The Business

Author

Listed:
  • Krassimira Shvertner

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

  • Cvetelina Ilieva

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

The paper is focused on some parts of the digital technologies: cloud, mobile, social, big data analysis, internet of thing, and industrial internet of things as components of the fourth industrial revolution (Industry 4.0). The intensive application of technology to build new business models, processes, software and systems that results in more profitable revenue, greater competitive advantage, and higher efficiency is a main purpose of Industry 4.0. This leads to transforming processes and business models, empowering workforce efficiency and innovation, and personalizing customer/citizen experiences. Every modern industry is impacted by the digital business transformation. The usage of the power of digital technologies (cloud, mobile, social, big data analysis) is dependent of how companies integrate them to transform their businesses and how they work. All industries (manufacturing, services, hightech) have branches that already gain the benefits of digital transformation. Digital technologies have deep impact over organizations and human activity. Organizations are interested to apply these digital technologies and their capabilities to automate processes, use the power of talent and drive new business models to compete in the digital world.

Suggested Citation

  • Krassimira Shvertner & Cvetelina Ilieva, 2020. "Influence Of The Digital Revolution Industry 4.0 On The Business," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 18(1), pages 327-355, July.
    • Handle: RePEc:sko:yrbook:v:18:y:2020:i:1:p:327-355
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