Digital Transformation of Industrial Companies: What is Management 4.0?
The Industry 4.0 or also known as the 4th Industrial Revolution and its integral part in the digitalization of manufacturing companies cause big interest to researchers around the world. But as to date, the bulk of the work is devoted to the technical aspects of digitalization and business development in Industry 4.0, while the managerial aspect of these transformations remains in the background. The main purpose of this article is to analyze the specifics of the industrial companies’ digitalization in the projection on socio-technical transformations which is, to research the experience of digital transformation in terms of its impact on the process management, which supports the company's activities, including the corporate management. There is no doubt that digitalization is the integration of all processes, including production, logistics, personnel and “smart” objects (machines and products), when the physical environment is closely connected with the virtual one by embedding information and communication technologies. The digitalization within Industry 4.0 allows the creation of new cyber-systems and business models that can significantly improve the value chain of the company, and also, increase the well-being of society and the quality of the environment. Business models created within the framework of digitalization that are fully focused on Industry 4.0 technologies are characterized by its undeniable advantages like shorter production cycle, faster delivery, and, faster time to market for new products with improved features. Industry 4.0 and the digital transformation can definitely help companies enter the new growing markets and create their own unique business models. However, as of today, for many industrial companies, digitalization is just a formality and a tribute to fashion. Therefore, this process is still in its early stages. Digital transformation not only requires strong leadership, but it also requires rational decisions, and strong staff competencies, and with that, researching the specifics of digitalization, particularly in the aspect of transforming company management, seems very relevant.