Business

Artifact-centric business process model

Work in process

Value (mathematics)

Service (business)

Knowledge management

Control reconfiguration

Machine learning

Marketing

Business ecosystem

Embedded system

Business process modeling

Set (abstract data type)

Service-orientation

Process management

Programming language

Computer science

Business model

Business process

Procedia Manufacturing

The following article presents a brief literature review conducted to extend our knowledge about how Industry 4.0 affects business models and to identify business model innovations derived in consequence. Based on the results, a set of features, issues and requirements have been identified and three different approaches has been suggested to make firms getting closer to the industry 4.0 phenomenon such as service orientation, networked ecosystems and customer orientation. Furthermore, the impacts on the creation, delivery, and capture of value through the reconfiguration of Business Models due to embracing the Industry 4.0 are depicted. As a result, four different ways to innovate the business models based on different degrees of innovation are proposed to embrace the digitalization. Those paths goes from optimizing internal and external processes or improving customer relationship to creating new value networks or smart products and services through disruptive business models.

Business model innovation through Industry 4.0: A review