Industry 4.0: A Korea perspective

The objectives of this paper are (1) to have a detailed, practical discussion of Industry 4.0, and (2) to suggest policy implications to transition toward Industry 4.0 in Korea. Companies should consider Industry 4.0 very seriously as they develop their future initiatives since traditional manufactu...

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Bibliographic Details
Published in:Technological forecasting & social change 2018-07, Vol.132, p.40-45
Main Author: Sung, Tae Kyung
Format: Article
Language:English
Subjects:
Automatic control
Business models
Central government
Communication
Employment
Fourth industrial revolution
Industry 4.0
Information technology
Interest groups
Manufacturing
Organizational effectiveness
Policy implications
Social systems
Studies
Technological change
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Summary:The objectives of this paper are (1) to have a detailed, practical discussion of Industry 4.0, and (2) to suggest policy implications to transition toward Industry 4.0 in Korea. Companies should consider Industry 4.0 very seriously as they develop their future initiatives since traditional manufacturing business models do not fit with the emerging technologies of Industry 4.0. Some issues should be addressed with care: IT security, reliability and stability needed for critical machine-to-machine communication; a need to maintain the integrity of production processes, avoid IT snags, and protect industrial knowhow; and the lack of adequate skill-sets, general reluctance to change by stakeholders, and loss of many jobs to automatic processes and IT-controlled processes. To successfully transform Korean industry toward Industry 4.0, it is necessary to (1) refine and elaborate the strategies enacted by the central government to build economic and social systems that can flexibly respond to changes, (2) establish some kind of operational system to maximize the effectiveness of initiatives and policies, (3) develop concrete and workable action plans to transition toward economic and social systems that can accommodate innovative changes, and (4) establish infrastructure to lead all initiatives. •Refine and elaborate Industry 4.0 strategies enacted by the central government•Establish operational system to maximize the effectiveness of initiatives•Develop concrete and workable action plans for Industry 4.0•Establish infrastructure to lead all Industry 4.0 initiatives
ISSN:0040-1625
1873-5509
DOI:10.1016/j.techfore.2017.11.005