Beginning in the mid-2010s, the Fourth Industrial Revolution has seen remarkable changes in information technology which have blurred the boundaries between the physical, digital, and biological worlds. Industry 4.0 has enabled so-called "smart factories" in which computer systems equipped with machine learning algorithms can learn and control robotics with minimal need for human input. While smart technology has enabled many manufacturing businesses to increase efficiency and cut costs, many others are still struggling with implementing it.

This book aims to help students, practitioners and industry leaders to become change agents and take their first steps on the path of transformation. Smart Business and Digital Transformation addresses the challenge of becoming "smart" from three different perspectives: smart factory, smart industry, and smart environment. Covering technologies including the Internet of Things (IoT), cloud, artificial intelligence (AI), mobility, 5G, Big Data analytics, the book shows how enterprises can take advantage of them and ultimately beat the competition. The book considers the importance of operational processes, business models, and organizational culture. The contributing authors and editors, based at Corvinus University, present a multi-dimensional picture of industry 4.0 which is both diverse in its voices and unified in its vision. Smart Business and Digital Transformation meets the growing demand for a textbook that not only presents the latest concepts and theories but is also practical for planning, managing, and implementing digital transformation in practice.

The chapters include case studies to demonstrate the practical applications, and each chapter ends with review and discussion questions to develop students’ skills and competencies. Students of business and digital transformation on advanced undergraduate and MBA courses will find it an indispensable guide to a vibrant and challenging topic.




1. Definitions and Principles of Industry 4.0

1.1. The fourth industrial revolution

1.2. The impact of I4.0 on the value chain

1.3. Driving forces and barriers of I4.0

2. The concept of continuous and smart improvement

2.1. Striving for perfection

2.2. Long-term strategic planning and thinking

2.3. Project management

2.4. Daily management

2.5. Breakthrough development

2.6. The Future of Continuous Improvement with IoT Technologies

3. The layers of I4.0 systems

3.1. The Internet and the Things

3.2. The modular layers of digital technology

3.3. The evolution of manufacturing

4. Connectivity and data sharing with stakeholders inside and outside the organization

4.1. Why connect?

4.2. Data and information sharing with suppliers and business partners

4.3. Connecting with customers

4.4. Connecting with employees

5. Data mining, analysis and evaluation

5.1. Data characteristics

5.2. Data analysis framework

5.3. Data sources

5.4. Data collection

5.5. Data storage

5.6. Data processing

6. Lean 4.0

6.1. Lean manufacturing

6.2. When Lean meets I4.0

7. Artificial/enhanced intelligence

7.1. AI technologies from industrial applications view

7.2. Industrial artificial intelligence (I-AI) – conceptual background

7.3. Industrial artificial intelligence (I-AI) reference frameworks

8. AI’s impact on the Labour Market

8.1. How bright is the future?

8.2. How to deal with technological unemployment?

8.3. The role of Education in solving technological unemployment

8.4. Worker 4.0


9. The business model of I4.0

9.1. Basics and Principles of the Business Model

9.2. The business models in practice

9.3. Digital transformation of business models

10. Marketing Planning in a Smart Industrial Environment

10.1. Toyota’s influence on marketing

10.2. Principles of Business Marketing

10.3. Tools and Methodology in Industrial Marketing Development

10.4. Industrial Marketing in Practice

11. Smart supply chain

11.1. The concept of supply chain management

11.2. Supply chain performance

11.3. Lean or/and agile supply chains

11.4. Supply chain management in the era of Industry 4.0

11.5. Coordination in supply chain management and Industry 4.0

11.6. Integration in supply chain management and Industry 4.0

12. Fintech and Smart banking

12.1. The Fintech Revolution

12.2. Crowdfunding

12.3. The Peer-to-Peer lending


13. Smart cities

13.1. Why do cities need to be smart?

13.2. Analysis of SC using Porter’s Five Forces model

14. Construction 4.0

14.1. The digitised construction value chain

14.2. Construction 4.0 technologies

14.3. Why is digital transformation slow in construction?

15. Smart agriculture

15.1. The Need for Smart Agriculture

15.2. The Concept of Smart Agriculture

15.3. Technologies in Smart Farming

15.4. Agriculture 4.0

16. Society 5.0

16.1. Industry 4.0 and its social consequences

16.2. People-centric and super smart