Technical gazette, Vol. 31 No. 4, 2024.
Original scientific paper
https://doi.org/10.17559/TV-20240303001369
Analyzing the Impact of Industry 4.0 and the Internet of Things on Business Policy - The Case Study
Xingcheng Cai
; State-owned Assets Supervision and Administration Commission of Jiangxi Province Service Center, Nanchang, China
*
* Corresponding author.
Abstract
The advent of Industry 4.0 as the research objectives integrated by the Internet of Things (IoT), which offers a transformative shift in sustainable business policies. As the World Economic Forum reported, it is steadily reshaping established business sustainability frameworks. This study divides the pivotal role that IoT-centric Industry 4.0 technologies play in shaping business policies, focusing keenly on their impacts on market share and business innovation - two key catalysts command the path of organizational sustainability, the hypothesis is presented by 10 items. Data from 289 Chinese enterprises are analyzed by Partial Least Squares Structural Equation Modeling (PLS-SEM), which reveals a significant development in business policy efficacy fostered by these emerging technologies. The finding shows that these innovations are central to enhancing sustainable business practices, primarily influencing pivotal aspects such as Product Quality, Customer Satisfaction, and Operational Efficiency. The maximum proportion of variation accounted for by an SF was 47.225%. MC test shows that the VIF values vary between 1.993 and 3.971. Importantly, the research underscores that environmentally aligned business strategies strengthen market share and fuel business innovation, resulting in heightened organizational performance. This study is a crucial proposal for integrating IoT-focused Industry 4.0 advancements into sustainable business policy frameworks, which will steer nations and corporations toward concurrently achieving economic and long-term sustainability objectives.
Keywords
business innovation; industry 4.0; internet of things; market share; sustainable business policy
Hrčak ID:
318493
URI
Publication date:
27.6.2024.
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