Does the development of data processing technology in Big Data database systems and other technologies developed in the field of technological revolution Industry 4.0 generate new business management concepts?
At present, in the age of the technological revolution known as the 4.0 industry, new technology management or Internet-based companies are emerging.
The technological revolution in recent years, known as Industry 4.0, is motivated by the development of the following factors:
Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence.
Added to this is the development of data processing analytics in Business Intelligence enterprises, the development of life science technologies, biotechnology, eco-innovation, energy, medical intelligence, etc.
On the basis of the development of the new technological solutions mentioned in recent years, the processes of innovatively organized analyzes of large information collections gathered in Big Data database systems dynamically develop.
In the context of this problem, many questions arise:
What other technological improvements, innovative organizational, technical and IT solutions will be developed in the future based on the development of the above-mentioned factors?
What kinds of innovations will be able to be created in the coming years, in the future based on the integration of the above-mentioned main determinants of the development of the current technological revolution known as Industry 4.0?
What kind of new categories of added value may be created in the future if the above-mentioned technological solutions are more involved in the creation of biotechnological, ecological, product and other innovations.
Will new technologies be created in this way, with the help of which it will be possible to generate solutions to the problems of excessive exploitation of Earth resources in the process of civilization development?
Do business management processes play a particularly important role in the context of the effective functioning of business entities in currently developing economies based on knowledge, information and technology?
Is e-management a new concept of managing virtual enterprises or rather managing online technology companies?
Are new management concepts of innovative enterprises and start-ups based mainly on knowledge, information, entrepreneurship and creation of innovations?
Does the development of data processing technology in Big Data database systems and other technologies developed in the field of technological revolution Industry 4.0 generates the emergence of new business management concepts?
Please reply. I invite you to the discussion
Indeed, the development industry 4.0 has definitely change the new business management concept, as the decision making process would be different. in the future all the decision would not only take human experience and expertise but also AI decision to justify an ultimate decision.
Good question. I believe that new technologies require values like flexibility and adaptation to change, as well as proactivity. Managers must to have the initiative and capacity to anticipate challenges, problems or future needs. In 2020, one third of current competences will not be crucial, while "social competences" such as persuasion, emotional intelligence or collaboration will be fundamental, as the The Future of Jobs Report of the 2016 Davos Forum points out.
With Regards
PM
Yes, the emergence of data science and Industry 4.0 generate new business management concepts. With the advent of technology business has become more dynamic and decisions have to take on real-time basis. The business processes have to be lean, fast and apt. With abundant amount of data from various sources big data and data analytics facilitate decision support system with predictive analytics. Businesses have to more futuristic and predictive and quick responsive.
A very good point to discuss. The vision of the connected (smart) factories of the future or the Industry 4.0 is based on the intelligence (data-bsed) coming from the connected devices in real time (machines, IoT devices etc.), which calls for new concepts and techniques of management from the various stakeholders involved in the value chains (or business processes).
For instance, the old procurement processes for changing/upgrading the machines (or its parts), which heavily relied on human interventions are now being disrupted. This is due to the proactive monitoring that provides the data available about the usage of the machines (and its parts). Thus, the stakeholders in the leadership that direct the business processes will need to develop novel concepts to adapt to the changes.
Machine and deep learning will be a key decisions for some operational tasks. Managers can focus on strategic decision, and manage a high level issues.
Irrefutably, the business models are enormously evolving with the help of industry 4.0 developments. The involvement of human being is/will become/ing less and less in the operations. In future, i foresee that human would be just operating as choosing one of the best alternatives given by AI and data analytics,,,Data driven era ...however, many of us perhaps won't like that kind of development which will engulf countless employment ...we would need to find new ways of doing business, we need new skills for that forthcoming era..we need to initiate research , before it's too late..
Dear Mohd Ikhwan Aziz, Pedro Maria Martinez Villar, Udandrao Lakshmana Rao, Kunal Suri, Omar Anfer, Muhammad Faraz Mubarak, Thank you very much for participating in this discussion and providing inspiring and informative answers to the above question: Does the development of Big Data technology and other technologies Industry 4.0 generate new business management concepts?
Thank you very much for the interesting information and inspiration to continue deliberations on the above issues. Your statements confirm that the above-mentioned issues are current and developing. In view of the above, in my opinion, the importance of the issue has been growing in recent years increase applications Big Data technology and other technologies Industry 4.0 in business.
Thank you very much and best regards,
Dariusz Prokopowicz
Definitely yes. Intelligent decisions augmented by AI, Big Data and Data Analytics will change the way business are done and eventually lead to new concepts in business management
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