Industry 4.0 from a few aspects, in particular in respect of the decision making of the management/Will the new industrial revolution change the traditional management functions?/

Abstract

The fourth industrial revolution, often identified as the terminology of Industry 4.0, more and more enforces changes and modifications from each participant of the socio-economic ecosystem. These enforced corrections concern the households, the governmental areas in different degrees, but the operation of the company sectors is rearranged most strongly by them. The study analyses this latter structure in the following respect: which are the most important supports of Industry 4.0 and what kind of competency elements are required from the employees and the management? According to the research data to be introduced, the domestic companies lag behind in preparations for the challenges raised by Industry 4.0; the international experiences are more favourable in this field. After—partial—review of the professional literature, the author concludes that the business sphere is in a condition before paradigm shift due to Industry 4.0. As per the analysis of decision-making based on digitalization, the question in the subtitle is answered—Industry 4.0 does not change fundamentally the traditional management functions of the company sector, but the decision-supporting applications based on digitalization must be learnt and applied. That statement seems to be founded that only company management, being able to live with decision making based on digitalization, can win competitive advantage.