Innovation through Industry 4.0 – Driving Economic Growth and Building Skills for Better Jobs

Abstract

Novel technologies are quickly reshaping the industrial environment as well as the labor market in what has been called The Fourth Industrial Revolution or Industry 4.0. As digitalization and robotization quickly become industry standards in many fields of manufacturing, businesses, both big and small companies need to quickly adapt their strategies, workforce and operations to this new reality in order to remain competitive and relevant. Being able to adopt and integrate new technologies quickly will make the difference between being a trend setter or a follower in an increasingly more globalized and more digitalized economy. And there are not just the businesses that need to adapt to this rapid change. The workers themselves will be required to master new skills and be able to operate new machines quickly and proficiently or risk being replaced by one in the near future. This paper aims to look at the new, emerging technologies in the industrial sector, their rate of adoption and their impact on workers, production processes and businesses.

Is Europe on the Way to Sustainable Development? Compatibility of Green Environment, Economic Growth, and Circular Economy Issues

“…Owing to the fact that it reduces the pressure on natural resources in some situations, such as e-waste, specialists consider it to be an urban mine for certain industrial and precious metals [74][75][76]. In addition, MWM generates business opportunities, which implies the appearance of new companies in the business ecosystem of each country, as well as new jobs [77][78][79]. This is especially the case in the European Union due to the economic policy [80][81][82][83].…”

Proposal of a Machine Learning Predictive Maintenance Solution Architecture

“…Industry 4.0, a concept proposed at Hanovra in 2011, creates through smart enterprises "a world in which virtual and physical systems of manufacturing cooperate with each other in a flexible way" (Schwab, 2017). Industry 4.0 aims to build a digital representation of physical processes to understand much better how these processes unfold (Dalzochio et al, 2020;Panait et al, 2022). Thus, it connects machines, sensors and IT systems to enhance value across the supply chain (van Dinter, Tekinerdogan and Catal, 2022).…”

Revisiting R&D intensity and CO2 emissions link in the USA using time varying granger causality test: 1870∼2020

“…In addition, as the statement of EKC hypothesis, there has uncertainty on the influence of technological innovation on carbon emissions. R&D has been confirmed a positive impact on economic growth and trade flows [ [18] , [19] , [20] , [21] , [22] ]. The rise in the rate of economic growth and trade openness may lead to a larger-scale effect, which can have a negative impact on environmental quality; while new technologies developed can increase efficiency, they may still need extra natural resource inputs to increase output, potentially increasing CO2e in the process; over time, the diminishing returns from R&D make it more likely that CO2e will increase [ 23 ].…”