Criteria of evaluation of effectiveness of industry 4.0 from the position of stimulating the development of knowledge economy

Abstract

The purpose of this chapter is to determine the criteria for evaluating the effectiveness of Industry 4.0 from the point of view of stimulating the development of knowledge economy and to develop methodological basis for this evaluation. As Industry 4.0 is at the stage of formation, the object of evaluation is the process of development of Industry 4.0—i.e., analysis is conducted in dynamics, which allows—at the initial stages of formation of Industry 4.0—conducting evaluation of its effectiveness from the point of view of stimulation of development of knowledge economy. The methodological basis of this research is the classical method of evaluation of effectiveness of socio-economic phenomena and processes. According to this method, effectiveness is determined through finding the ratio of aggregate results to aggregate expenditures for their achievement, including negative “side effects”. Based on the classical method of evaluation of effectiveness, the proprietary method of evaluation of effectiveness of Industry 4.0 from the point of view of stimulating the development of knowledge economy has been developed. This method takes into account the peculiarities of Industry 4.0 and interprets its profits and expenditures through the prism of knowledge economy. The results of the performed research show the potential positive influence of the process of Industry 4.0 formation on development of knowledge economy. The offered methodological recommendations and justified criteria of evaluation of effectiveness of Industry 4.0 from the position of stimulating the development of knowledge economy contribute into formation of methodological basis of studying mutual influence of these phenomena. Advantages of the offered methodological recommendations are their universality—possibility to use them in any economic system; systemic and complex character—consideration of all aspects of potential influence of the process of Industry 4.0 formation on development of knowledge economy; vividness and wide possibilities for analysis of causal connections due to the possibility for considering each estimate criterion separately and conducting factor analysis.