Digital Transformation: The Practice of Using Industrial Internet of Things

Abstract

The article considers the changes, brought about by digital economy. It reveals advantages and threats posed by industry 4.0, or fourth industrial revolution. The article shows how the digital economy changes the fundamental principles of manufacturers' work. The authors identified the reasons for preventing the development of « Internet of things » technology in modern Russia based on the analysis of practices of industrial Internet of things by Russian enterprises. Keywords Digital economy Á Industrial internet of things Á Transaction costs Á The fourth industrial revolution Á Industry 4.0

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“…The paperless economy is the 4 th industrial revolution (Bogomolov & Kolodnyaya, 2019;Buevich, Karamova, & Sumarokov, 2019;Solovykh, Koroleva, Stompeleva, Terskaya, & Aliev, 2019) and is also referred to as a digital economy by various researchers (Kostakis, Roos, & Bauwens, 2016;Pradhan, Arvin, Nair, Bennett, & Bahmani, 2019;Watanabe, Naveed, Tou, & Neittaanmäki, 2018). The paperless economy provides a communication atmosphere for the economic operations over the internet and different methods, forms, tools, and results regarding its implementation (Endovitskaya, E. V. ,2019).…”