Industry 4.0
Oesterreich and Teuteberg (2016) and Herman et al. (2016) emphasized inadequacy of academic studies about Industry 4.0. According to more than 2000 companies, digitalization levels of companies are increasing rapidly. At the end of this transformation process, it can be said that all successful industrial companies will be digital companies. This digitality can be explained as the products will be both physically and virtually visible and contain innovative services. At the same time, digitized enterprises will work in harmony with digital ecosystems, including the common technologies they have established with their customers and suppliers (Tupa et al., 2017).
According to a study conducting by McKinsey in 2015, companies are not able to continuously know new emerging technologies. Mckinsey conducted a survey of 300 leading companies in manufacturing. According to results, 48 percent of these companies are ready for Industry 4.0, and 78 percent of participating companies stated that they are in preparation for this new process (Sung, 2018). As a result, critical success factors of the Industry 4.0 projects is very important for firms.
Industry 4.0 refers to new technological improvements where the internet and other technologies such as embedded systems are defined as the main characters of Industry 4.0. They provide the integration of physical objects, labours, intelligent machines, production lines and processes, and also create a new model of intelligent, internet connected and agile value chain. (Leyh et al., 2017). Industry 4.0 is the digital copies of real objects that are created in virtual world with the help of cyber physical systems in the smart factories. With the internet of things, products will be in communication with each other and with labour Also, products and labour will be well coordinated. Thus, production and process monitoring in the cyber physical system will be achieved by utilising internet (Sung, 2017). In other words, Industry 4.0 is the linking of people and objects with any communication technologies or services at all times in all platforms (Wagner et al., 2017).