Supply chain sustainability risk management in a digitally VUCA changing world

Ocicka, Barbara; Turek, Jolanta

doi:10.4324/9781003219958-08

Cited by 3 publications

(5 citation statements)

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“…The IDI was conducted in January 2021. Based on the findings, a qualitative case study was developed to analyse the role of T4.0, especially technological platforms, for SCSRM in detail (Ocicka & Turek, 2021). The authors gained access to unique information and data consistent with the research topic.…”

Section: Methodsmentioning

confidence: 99%

“…Scientific publications address the issue of SRM mainly in relation to sustainable SC development (Giannakis & Papadopoulos, 2016;Ocicka & Turek, 2021;Sutrisno & Kumar, 2022), product development process (Palousis et al, 2010), or project management process (Bai et al, 2017). The currently avail-able literature, therefore, does not cover many relevant issues, i.e.…”

Section: Literature Reviewmentioning

confidence: 99%

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Industry 4.0 technologies as enablers of sustainability risk management

Ocicka

Rogowski²,

Turek³

2022

EiP

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Motivation: Companies operate in a volatile, uncertain, complex, and ambiguous (VUCA) business environment, as evidenced by massive collapses in commodity prices, acts of terrorism, cyber security threats, natural disasters, technological failures, and pandemics. Numerous reports indicate that the top risks with the highest probability of occurrence in the next decade include extreme weather events, failure of climate protection measures, and man-made environmental damage (The Global Risk Report 2021 of the World Economic Forum, The World Business Council for Sustainable Development report and many others). The UN Sustainable Development Goals (SDGs) cover the above challenges and define the agenda for solving them to 2030. The intensification of environmental and social risks reinforces the need to deepen research and explore new ways of managing sustainability risks (SRs). At the same time, businesses are undergoing the technology transformation (Industry 4.0) accelerated by the COVID-19 pandemic. It became necessary to shift some investment to this business area, which also needs to be supported by additional capital. The technology-driven transformation can significantly support companies in managing SRs. Aim: The aim of the study is to diagnose the importance of investments in Industry 4.0 technologies (T4.0) as potential enablers supporting sustainability risk management from the perspective of supply chains. Results: SRs represent one of the critical risk areas of the 21st century. Despite the well-recognized potential of the T4.0 implementation for sustainable supply chain management, the research studies concentrated on their potential role within SR management in international supply chains are limited and fragmented. The diagnosis of the growing importance of T4.0 supporting risk management at strategic and operational levels of business activities implies the recommendation to integrate their use in this area into the technological transformation, and then consistently into planning and financing of development and implementation projects. Companies may attempt to address these challenges through Environmental, Social, and Governance (ESG) initiatives.

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Section: Methodsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Industry 4.0 technologies as enablers of sustainability risk management

Ocicka

Rogowski²,

Turek³

2022

EiP

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“…iii. Ocicka and Turek [30] suggested that Industry 5.0 is compelled with various industries technologists, philosophies, and others to focus on the human factors and technologies in the manufacturing systems. iv.…”

Section: Explanations and Modernizationmentioning

confidence: 99%

“…The smart city is considered an important area for IoT as it incorporates smart homes. It contains IoT-enabled home appliances, heating systems, security systems, and others communicating with each other to provide better comfort and reduce energy [30].…”

Section: Collaborative Robotsmentioning

confidence: 99%

Future of industry 5.0 in society: human-centric solutions, challenges and prospective research areas

Adel

2022

J Cloud Comp

266

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Industry 4.0 has been provided for the last 10 years to benefit the industry and the shortcomings; finally, the time for industry 5.0 has arrived. Smart factories are increasing the business productivity; therefore, industry 4.0 has limitations. In this paper, there is a discussion of the industry 5.0 opportunities as well as limitations and the future research prospects. Industry 5.0 is changing paradigm and brings the resolution since it will decrease emphasis on the technology and assume that the potential for progress is based on collaboration among the humans and machines. The industrial revolution is improving customer satisfaction by utilizing personalized products. In modern business with the paid technological developments, industry 5.0 is required for gaining competitive advantages as well as economic growth for the factory. The paper is aimed to analyze the potential applications of industry 5.0. At first, there is a discussion of the definitions of industry 5.0 and advanced technologies required in this industry revolution. There is also discussion of the applications enabled in industry 5.0 like healthcare, supply chain, production in manufacturing, cloud manufacturing, etc. The technologies discussed in this paper are big data analytics, Internet of Things, collaborative robots, Blockchain, digital twins and future 6G systems. The study also included difficulties and issues examined in this paper head to comprehend the issues caused by organizations among the robots and people in the assembly line.

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“…However, a noteworthy study on VUCA and risk assessment is Szpitter and Sadkowska who recommend using a VUCA matrix "to identify and analyze project risks, thus filling the research gap relating to the lack of application of this tool in analyses in the area of project risk management" [22]. Other notable studies on risk are [23,24], connecting the VUCA era to supply sustainability management of supply chains.…”

Section: Literature Reviewmentioning

confidence: 99%

Can the “VUCA Meter” Augment the Traditional Project Risk Identification Process? A Case Study

et al. 2021

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In this rapidly changing and fast-growing world, sustainability is an important paradigm. However, the constantly growing level of uncertainty leads to increased strain in decision making. This results in a growing need for a more effective and extensive approach for identifying project risk in particular events that are not easily detected but can have a severe impact, sometimes referred to as Black Swans or “fat tail” events. The VUCA meter is a normative approach to identify project risk by assessing in a structured way events that may be volatile, uncertain, complex, and ambiguous and might contribute to the project risk. In this study, the VUCA meter is benchmarked against a traditional risk identification process as recommended by PMI®. Firstly, two workshops, each referring to the respective risk identification method, were conducted. Secondly, a Delphi survey was run to investigate if the VUCA meter would capture Black Swan risk events that are bypassed by the traditional risk identification approach. The results clearly indicate that the VUCA meter can be developed to be a significant addition to the conventional risk identification process for large projects that are at an early stage. The VUCA meter facilitates a discussion that gets people to think beyond the traditional framework for identifying project risk factors. As a consequence, “fat tail” events, that are not apprehended with the conventional technique, are captured by the VUCA meter.

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Supply chain sustainability risk management in a digitally VUCA changing world

Cited by 3 publications

References 0 publications

Industry 4.0 technologies as enablers of sustainability risk management

Industry 4.0 technologies as enablers of sustainability risk management

Future of industry 5.0 in society: human-centric solutions, challenges and prospective research areas

Can the “VUCA Meter” Augment the Traditional Project Risk Identification Process? A Case Study

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