A strategy for implementing the technologies of industry 4.0 and the tools of competency management in the digital economy

Abstract

This chapter studies the economic essence of Industry 4.0. The law of interconnection between competencies and the emergence of new markets is used to substantiate the dependence of demand for innovative products on the effective functioning of science-driven companies and on the development of fundamental science as a whole. A generalized list of internal resources and characteristics of a company, which influence its innovative potential, is given, and a mathematical evaluation of innovative potential is provided. The influence of the effective usage of a company’s innovative potential on the competitiveness of the products that it produces is shown. A scheme for a self-reproducing process to improve competencies is presented, and the tools of competency management for a company implementing the technologies of Industry 4.0 are studied. Formulas for a mathematical description of innovative technology and its competitiveness are presented. An algorithm for the development of a strategy to implement the technologies of Industry 4.0 and the tools of competency management in digital industry are given.