Value co-creation in Industry 4.0
We know that Industry 4.0 makes an impact on the way manufacturers’ production lines are shaped today. We know that Industry 4.0 connectivity with those machines on the production line allows better predictive maintenance, inventory management and operational efficiency. We also know that these changes require companies to change their business models in order to gain value from the Industrial Internet of Things and capture value from extended services or customization brought by Industry 4.0. The flexibility of production lines and connectivity of data allow companies to make changes to their products/services from the very start of their R&D process. However, we know very little about how this early-stage value co-creation between networks of machines and networks of humans; or networks of partners (warehouses, suppliers etc.) and networks of machines is happening.
What are the possibilities of early-stage value co-creation when implementing Industry 4.0? Will this early stage value co-creation for product/service production be possible for only a company’s own partner network and customers/or outside data users as well?
Researcher: Ms Yuliia Yehorova