An introduction to the new challenges and promise of I-4.0 based commercialisation in the COVID-19-induced 'low-touch economy' ecosystem
by Robert F. Gary; Steven T. Walsh
International Journal of Technology Intelligence and Planning (IJTIP), Vol. 13, No. 2, 2022

Abstract: The Fourth Industrial Revolution – Industry 4.0 (I-4.0) provides innovators new commercial promise and challenges. For the first time, service-based disruptive technologies are included as harbingers of the Schumpeterian economic industrial waves. The strategic, tactical, and operational importance of disruptive technologies and their resultant discontinuous innovations that underpin a new industrial wave are game-changing for state, regional, national, and global economies. However, there are always barriers, both technical and social, to new technology product adoption. The COVID-19-induced industry forcing function has created a 'low-touch economy', changing business action and creating a new normal. We focus on the challenges to the realisation of I-4.0. We use the internet of things (IoT) as our exemplar. IoT is the first service-based technology to support an industrial revolution. It challenges the traditional view of how firms compete. It is creating wealth and jobs and is an agent of societal transformation.

Online publication date: Tue, 08-Nov-2022

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