This chapter proposes a taxonomy of Industry 4.0 (I4.0) technologies in the context of digital entrepreneurship and co-creating value. The I4.0 taxonomy ranges from cyber-physical systems and the internet of things (IoT) to big data and cloud computing, among others, which are key enabling technologies (KETs) of I4.0. The chapter examines how these technologies are utilised in digital entrepreneurship and co-creating value, and how they can be integrated to create innovative business models and enhance business operations. The taxonomy offers a comprehensive framework for understanding the different Industry 4.0 technologies and their applications in the rapidly evolving landscape of digital entrepreneurship and co-creating value.
TopIntroduction
Businesses today face a growing need to adapt to changing market demands and remain competitive. Thanks to advancements in technology, companies can improve their productivity and efficiency through digital transformation. The availability of smart sensors, computing power, robotics, and ICT has enabled the rise of Industry 4.0, or the fourth industrial revolution (I4.0). I.40 is the fourth model of digital transformation (Marcon et al., 2022). The first model focused on automating individual tasks and processes, while the second model focused on connecting these tasks and processes through the use of enterprise resource planning (ERP) systems. The third model focused on leveraging digital technologies to create new business models and revenue streams. I.40 builds on these previous models by integrating advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics to create smart, interconnected, and autonomous systems. This enables manufacturers to optimize their production processes, increase efficiency, and reduce costs by leveraging real-time data and insights. The shift towards intelligent manufacturing relies on the integration of digitalization into the industrial sector through the use of IoT. The success of I.40 depends on the implementation of key enabling technologies, as shown in Figure 1 (Ryalat et al., 2023; Singh et al., 2023).
I.40 has significant implications for digital entrepreneurship and business by opening new doors for innovation and operational excellence. By utilising digital technologies, entrepreneurs can create products and services that are tailored to their customers, cost-effective, and environmentally sustainable. They can also optimise their processes to minimise waste, enhance quality, and increase efficiency. Innovation is a key driver of I4.0 in digital entrepreneurship and business, enabling entrepreneurs to invent new business models and solutions that leverage emerging technologies. By fostering a culture of innovation, entrepreneurs can maintain a competitive edge and deliver value to their customers. Operations management is equally vital to I4.0 in digital entrepreneurship and business, helping entrepreneurs optimise their processes and streamline their operational efficiency. By leveraging data analytics, entrepreneurs can gain insights into their operations and make informed decisions that propel their businesses forward (Duggal et al., 2022; Matt et al., 2020; Ng, 2021; Singh et al., 2023).
I4.0 is a transformative force in digital entrepreneurship and business, offering unprecedented opportunities for innovation and operational excellence. Through the integration of cyber-physical systems, the Internet of Things (IoT), Big Data, cloud computing, artificial intelligence (AI), robotics, and smart factories, entrepreneurs can co-create value and build sustainable and profitable businesses that are responsive to the needs of their customers and competitive on a global scale (M. Ali, 2019, 2021; Ali & Abdel-Haq, 2021; Ali & Edghiem, 2021; M. B. Ali, 2021; Ali et al., 2020a, 2020b). Therefore, this chapter delves into the main building blocks and facilitators of I.40 in the context of digital entrepreneurship and co-creating value.