Realigning Risk Management in the Light of Industry 4.0

Leonhardt, Fabian; Wiedemann, Arnd

doi:10.2139/ssrn.2678947

Cited by 14 publications

(6 citation statements)

References 42 publications

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“…Good risk management will result in improved firm performance (Thekdi and Aven, 2019). Leonhardt and Wiedemann (2015) recommended a holistic approach to risk management if Industry 4.0 technologies are involved. Since Retail 4.0 entails the usage of Industry 4.0 technologies, Enterprise Risk Management (ERM) will be the ideal tool to manage risks in the retail industry.…”

Section: Introductionmentioning

confidence: 99%

Retail 4.0 adoption and firm performance among Malaysian retailers: the role of enterprise risk management as moderator

Sakrabani

Teoh

2020

IJRDM

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PurposeThe purpose of this study was to ascertain the determinants of firm performance for Malaysian retailers.Design/methodology/approachAn online survey was conducted to collect responses from members of the Malaysian Retailers' Chain Association. A total of 126 responses were obtained. Data analysis was done by using the PLS-SEM method.FindingsThe results of the study indicate that Retail 4.0 adoption is able to improve retailers' performance as-a-whole by improving the four perspectives of firm performance as given in the Balanced Scorecard, i.e. the finance perspective, the customer perspective, the internal processes' perspective and also learning and growth perspective. Further, enterprise risk management was found to have a positive moderating effect on retailers' performance as-a-whole and also on the finance and customer perspectives of performance.Research limitations/implicationsThe study was conducted only in Malaysia and so, it might be geographically limited. Besides, it is cross-sectional in nature and therefore, the impact might be different if the study had been conducted over a longer period.Practical implicationsThis study provides a useful framework for retailers who are seeking to improve firm performance.Originality/valueThis is one of the first studies to show the impact of Retail 4.0 adoption on firm performance. Besides, this is also the first time, enterprise risk management has been introduced as a positive moderator on the impact of technology adoption on retailers' performance.

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Section: Introductionmentioning

confidence: 99%

Retail 4.0 adoption and firm performance among Malaysian retailers: the role of enterprise risk management as moderator

Sakrabani

Teoh

2020

IJRDM

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“…Although there are several benefits of adopting IND 4.0 in manufacturing industries, it will require huge investment to implement IND 4.0, and there are several other challenges, as addressed in the articles by Leonhardt and Wiedemann (2015), Wuest, Weimer, Irgens, and Thoben (2016), and Kiel, Müller, Arnold, and Voigt (2017). Therefore, all the challenges should be addressed before final implementation of IND 4.0 in MTO flow shops.…”

Section: Wlc Release Methodsmentioning

confidence: 99%

Analysing the impact of uncertainty reduction on WLC methods in MTO flow shops

Kundu

Rossini

Staudacher

2018

Production & Manufacturing Research

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With more and more demanding customers, make-to-order (MTO) companies are becoming more important. Workload control (WLC) is specifically developed for MTO companies. Most previous studies have proposed solutions assuming no mismatch between planned and actual production time. However, in real situations, inaccurate estimation of processing time is a daily routine. This study focuses on processing time estimation error and evaluates performance of two different WLC order review and release (ORR) methods through simulation of a pure flow shop. Simulation results demonstrate that balancing workload is more effective than limiting workload at different error levels. However, with decrease in errors, difference in performance between limiting and balancing methods becomes wider. Further investigation shows that improving processing time estimation heavily affects the order selection process in balancing method, which is the main reason for performance improvement. Finally, aspects of Industry 4.0 are discussed in context of ORR methods in MTO flow shops.

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“…As a result, implementing Industry 4.0 in an organization necessitates deliberate transformation activities, sometimes known as "digital transformation." It necessitates new attitudes for dealing with digital transformation difficulties as well as a unified approach for staff qualification and acceptance [43].…”

Section: The Impact Of Industry 40 On the Economymentioning

confidence: 99%

Industry 4.0 and Its Implications: Concept, Opportunities, and Future Directions

Abdelmajied¹

2022

Supply Chain - Recent Advances and New Perspectives in the Industry 4.0 Era

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This chapter aims to analyze the Industry 4.0 framework, identify the definition and drivers of the Industry 4.0 paradigm, discuss its potential effect, and determine obstacles of the Industry 4.0. For the research methodology, a critical literature review is performed, we relied on the recent studies related to industry 4.0. Findings – This study concluded that Industry 4.0 describes a future production system’s vision; it is an inevitable revolution and radical change, covering a wide range of innovative technologies, and all sectors. Industry 4.0 brings significant advantages to organizations, including real-time data analysis, increased visibility, autonomous monitoring, enhanced productivity, and competitiveness. The key features of Industry 4.0 are collaboration and integration of schemes, both horizontal and vertical. Innovation performs an essential role in organizations, sectors, countries. Industry 4.0 has enormous potential effect in many areas, and its application will have an impact across transforming the work environment. Industry 4.0 leads to potentials in three dimensions of sustainability. The KUKA corporation is an application for industry 4.0, for instance, smart factories, M-2-M, intelligent robots, etc., these technologies help industry 4.0 to separate rapidly. In contrast, there are some barriers, to implementing Industry 4.0 for example financial constraints, technical competency, organizational restraints.

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Realigning Risk Management in the Light of Industry 4.0

Cited by 14 publications

References 42 publications

Retail 4.0 adoption and firm performance among Malaysian retailers: the role of enterprise risk management as moderator

Retail 4.0 adoption and firm performance among Malaysian retailers: the role of enterprise risk management as moderator

Analysing the impact of uncertainty reduction on WLC methods in MTO flow shops

Industry 4.0 and Its Implications: Concept, Opportunities, and Future Directions

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