Industry 4.0 and Business Model Innovation: A Scoping Review

Abstract

The term Industry 4.0 is associated with terms such as Cyber-Physical Systems (CPS), Internet of Things (IoT), Internet of Services (IoS), Robotics, Big Data, Cloud Manufacturing and Augmented Reality and will narrow the gap between the physical and the digital world. Industry 4.0 sets the scene for business model innovation (BMI). The aim of this article was to explore current literature regarding Industry 4.0 when considered from a business model perspective. A scoping review was conducted to explore current research at the intersect of the Business model and Industry 4.0 research domains. The research question we pose thus is a general one: What is the nature of the evidence for Business model innovation in the context of Industry 4.0? The main impacts of Industry 4.0 on 1) industry, 2) products and services, 3) economy, 4) work environment and 5) skills development were mapped. We then conclude by reflecting on these drivers that Industry 4.0 holds a huge potential for business models to become renewed, improved, changed and novel. New value creation will not only originate from new products or services, but also the availability of data to the benefit of the business for example new value propositions like personalization, prediction of customer demand.