Industry 4.0: Competitiveness Through Servitization And Industry 4.0: Review Of The Barriers And Utilizing The Key Drivers

This paper will define, review the literature and critique how Manufacturing firms can benefit from Servitization and Industry 4.0 in order to gain a competitive advantage. Illustrating that, in order to, implement Servitization and Industry 4.0 effectively, it will be necessary to spin many plates at the same time, which is a matter of immense co-ordination. It offers a number of definitions of Servitization and Industry 4.0, summarising that; Demand-Pull relates to Servitization, with a focus on adding value to customers, and Technology-Push relates to Industry 4.0, adding value to the manufacturing process. It will present the Drivers of the five key characteristics, using Business Models and show the critical success factors. Critiquing the literature review of Servitization and Industry 4.0 alongside the Drivers and the Barriers. Concluding that Product Manufacturing firms can gain a competitive advantage by understanding the demand-pull from their customers and focusing on the technology-push to add benefit to the manufacturing processes competitiveness.