Research Article Open Access

The Impact of Industry 4.0 on the Functions of Management: A Review

Abstract

Purpose: The purpose of this review paper is to provide an overview of the impact of Industry 4.0 on the functions of management. The paper aims to identify the key themes and trends in the existing literature and research on the topic, and to provide insights into how Industry 4.0 is shaping the role of managers in today's business environment.

Approach: The approach used in this review paper is a comprehensive analysis of 56 peer-reviewed articles published between 2014 and 2021. The articles were obtained through a systematic search of electronic databases using specific keywords, and were reviewed and analyzed for their relevance to the research question, key themes and trends, and methodological rigor.

Findings: The review identifies several key findings on the impact of Industry 4.0 on the functions of management, including the need for real-time data availability and predictive maintenance to inform planning processes, the increased use of automation and robotics in manufacturing and the resulting impact on the workforce, the need for new leadership skills to manage the digital transformation of organizations, and the increased use of data analytics and new quality control systems in manufacturing.

Implications: The findings of this review paper have several implications for managers, researchers, and policymakers. The paper suggests that managers need to invest in new technologies, adapt organizational structures, reorganize the workforce, and develop a culture of innovation and collaboration to successfully navigate the challenges brought by Industry 4.0. Managers must also consider the ethical and social implications of data collection and analysis and ensure greater transparency and accountability in the use of data.

Originality/Value: This review paper offers a valuable contribution to the field by synthesizing the key findings and themes from a range of existing literature and research on the impact of Industry 4.0 on the functions of management. The paper highlights the ways in which Industry 4.0 is shaping the role of managers in today's business environment, and provides insights and implications for managers, researchers, and policymakers. The paper also identifies the need for managers to adapt and invest in new technologies, reorganize their workforce, and develop a culture of innovation and collaboration to successfully navigate the challenges brought by Industry 4.0.

Md. Julfikar Ali*

To read the full article Download Full Article | Visit Full Article