Abstract
Industry 4.0 has affected everything around us. Today we have entered an era where we must move our focus away from traditional business relations and shift instead to solutions that support the virtual enterprise in which independent businesses align to share skills and resources to sharpen their responses to external business opportunities. Manufacturers, suppliers, and clients need to work jointly to create value and share risk instead of settings tight conditions, KPIs that are hard to implement, and start blaming each other. Business solutions are representing a new wave that is built on technology to overcome the inward-looking nature of old systems and promises a great wave of efficiency and reduced costs by streamlining the management processes of external relationships that is based on trust and governed by innovative contracts. This chapter is describing a real virtual enterprise from the business showing how digital transformation is changing the supplier-client contracting relationship.
TopThe Business Solutions
This is being applied in different business sectors to handle the network of partners, suppliers, and service centers efficiently. Business solutions are representing a new wave that is built on technology to overcome the inward-looking nature of old systems and promises a great wave of efficiency and reduced costs by streamlining the management processes of external relationships that is based on trust and governed by innovative contracts.
Key Terms in this Chapter
Innovation: Creating new ideas to resolve problems or adding value out of the box
SMART Goals: A mechanism used to help guide goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Timely goals. Once the goals are aligned with the five SMART criteria, this will be an anchor on which to base focus and decision-making.
Vesting Agreements: In law, vesting is the point in time when the rights and interests arising from legal ownership of a property is acquired by some person. Vesting creates a common responsibility of the contract base on the best owner of every risk.
Tire Industry: The industry of manufacturing and distributing tires for cars and other vehicles, currently it is providing much more complex solutions based on IoT, Data analytics and ither emerging technologies.
Viable Scenarios: A scenario capable of becoming actual, useful, practicable solution, that can help business for growth and development reaching a stage of development at which further development can occur independently.
Fleet Solution: Fleet management is the management of commercial motor vehicles such as cars, vans, trucks, specialist vehicles, forklifts, and trailers private vehicles used for work purposes.
Key Performance Indicators: A quantifiable measure used to evaluate the success of an organization, employee, etc. in meeting objectives for performance.
Business Solutions: Representing a new wave that is built on technology to overcome the inward-looking nature of old systems and promises a great wave of efficiency and reduced costs by streamlining the management processes of external relationships that is based on trust and governed by innovative contracts.