Supply Chain Management And Logistics In The Industry 4.0 Environment: A Theoretical Evaluation

Abstract

Digitalization, openness, real-time data availability, and collaboration are some of the technology trends that are considered to define Industry 4.0, the fourth industrial revolution. The Internet of Things (IoT) and enhanced cyber-physical systems unite the digital and physical realms in this new industrial paradigm. The global economy and markets are poised to be impacted by this industry transformation, which is predicted to enhance manufacturing processes and boost productivity. The study aims to provide an overview of the components of Industry 4.0, which was conceived in 2011, and to describe these concepts in detail with their historical development, emphasizing the characteristics, fundamental characteristics and implications of the concepts of the digital supply chain and logistics 4.0 that emerged as a result of the impact of industry 4.0. The phrase "Industry 4.0" encompasses a wide range of innovative technologies, including but not limited to: cyber-physical systems, robots, the internet of things, cloud computing, augmented reality, artificial intelligence, data security, big data, and the internet of services. Following three previous industrial revolutions that brought about enormous efficiency gains and societal and economic shifts, the idea of Industry 4.0 represents the world's fourth industrial revolution. Under Industry 4.0, everything in the production chain, including suppliers, carriers and products, is digitally connected.