Title: Efficiency assessment of business models: the conceptual framework in the context of Industry 4.0
Authors: Kristina Kovaitė; Jelena Stankevičienė
Addresses: The Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio 11, LT- 10223, Vilnius, Lithuania ' The Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio 11, LT- 10223, Vilnius, Lithuania
Abstract: Industry 4.0 describes the phenomenon when wireless connectivity augments business processes. It not only improves work processes but also is radically impact business models. However, there is a paucity of scholarly enquiry in this field, especially the economic efficiencies to be obtained. This article analyses scientific publications related to an efficiency assessment and business models of Industry 4.0, approaches the dynamic efficiency and develops a conceptual framework that assess the efficiency of transformed and disrupted business models. The paper is based upon a systematic review of scientific publications indexed in clarivate analytics and evaluation by experts. Research revealed a lack of holistic assessment of efficiency of business models and its parts in the current literature. It also focuses on the impact of efficiencies at the enterprise, societal and environmental level. The paper makes recommendations for managers and policymakers at a national level on the assessment of efficiencies derived from Industry 4.0 to the whole society. The research has several limitations: literature review only in clarivate analytics limit from recent results; very rare publications include a multidisciplinary approach to cover social and environmental aspects; and most researches use historical data and does not use ex-ante approach.
Keywords: Industry 4.0; business model; economic forecast; dynamic efficiency; efficiency assessment; overall equipment efficiency; OEE; net present value; NPV.
International Journal of Learning and Change, 2021 Vol.13 No.4/5, pp.527 - 543
Received: 29 Sep 2019
Accepted: 15 Nov 2019
Published online: 03 Jun 2021 *