Value Chain Model in the Era of Industry 4.0
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Abstract
Industry 4.0 solutions have fundamentally transformed the value-creating processes of for-profit organisations. By enabling IT processes and thus automated high-precision data collection and centralised and/or autonomous control, so-called cyber-physical systems have emerged, where real economic and IT (partly virtual) processes are integrated and inseparable. In my qualitative (theoretical) research, I will review the main recent economically relevant IT developments and, based on Porter's value chain, examine how these developments have induced changes in the working methods of for-profit organisations. The result of my qualitative research is a modified version of Porter's value chain model, which can be used to assess the operations of business organisations that have adopted Industry 3.0 and Industry 4.0 technologies in a consistent manner and is expected to be applicable in the Industry 5.0 era.
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