Business model innovation through Industry 4.0: A review
Open accessAbstract
The following article presents a brief literature review conducted to extend our knowledge about how Industry 4.0 affects business models and to identify business model innovations derived in consequence. Based on the results, a set of features, issues and requirements have been identified and three different approaches has been suggested to make firms getting closer to the industry 4.0 phenomenon such as service orientation, networked ecosystems and customer orientation. Furthermore, the impacts on the creation, delivery, and capture of value through the reconfiguration of Business Models due to embracing the Industry 4.0 are depicted. As a result, four different ways to innovate the business models based on different degrees of innovation are proposed to embrace the digitalization. Those paths goes from optimizing internal and external processes or improving customer relationship to creating new value networks or smart products and services through disruptive business models.
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Companies are increasingly aware that, to compete in the new paradigm of I4.0, they must face the challenge of digital transformation.
“Companies are increasingly aware that, to compete in the new paradigm of I4.0, they must face the challenge of digital transformation [4,5].”
From Digital Transformation Models for the I4.0 Transition: Lessons from the Change Management Literature (2021) · cites this paper as [5]
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Design Principles for Industrie 4.0 Scenarios
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“Industrie 4.0” and Smart Manufacturing – A Review of Research Issues and Application Examples
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HOW THE INDUSTRIAL INTERNET OF THINGS CHANGES BUSINESS MODELS IN DIFFERENT MANUFACTURING INDUSTRIES
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Transforming to a Hyper-connected Society and Economy – Towards an “Industry 4.0”
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Chauhan, C., Parida, V., & Dhir, A. (2022) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2022.121508 · Cited by 726 · see citing works
Digital Transformation Models for the I4.0 Transition: Lessons from the Change Management Literature
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Richnák, P. (2022) · Logistics · doi:10.3390/logistics6040079 · Cited by 28 · see citing works
Serevan, B., & Kuşakçı, A. O. (2026) · International Journal of Lean Six Sigma · doi:10.1108/ijlss-02-2026-0094
- Authors
- Ibarra, D., Ganzarain, J., & Igartua, J. I.
- Affiliations
- Mondragon Unibertsitatea (ES)
- Corresponding author
- Ibarra, Dorleta
- Venue
- Procedia Manufacturing
- Publisher
- Elsevier BV
- Published
- 2018
- Volume
- 22
- Pages
- 4-10
- ISSN
- 2351-9789 (ISSN-L)
- OpenAlex
- W2796035430
- Cited by
- 466
- References
- 13
- Citations by year
- 2026: 25 · 2025: 29 · 2024: 66 · 2023: 68 · 2022: 86 · 2021: 84 · 2020: 60 · 2019: 42 · 2018: 6
- FWCI
- 64.44
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Licence
- Locations
- Procedia Manufacturing (publishedVersion, cc-by-nc-nd)
- eRepository Mondragon University (Mondragon University) (submittedVersion, cc-by-nc-nd)
- Topics
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Digital Innovation in Industries
- Physical Sciences › Engineering › Industrial and Manufacturing Engineering › Digital Transformation in Industry
- Social Sciences › Business, Management and Accounting › Marketing › Service and Product Innovation
- Keywords
- business model innovation, Industry 4.0, digitalization, service orientation, customer orientation, value creation, value delivery, value capture, disruptive business models, digital ecosystems
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