Enhancing the Benefits of Industry 4.0 from Intellectual Capital: A Theoretical Approach

Abstract

Our world is facing substantial economic and social challenges due to an increasing pace of technological developments. The introduction of the Internet of Things (IoT) is ushering in a fourth industrial revolution. The vision of Industry 4.0 describes a whole new approach to business operations, and especially the production industries which is characterized by a new level of socio-technical interaction. Emphasizing the importance of intangibles management, organizations have become increasingly focused on the Intellectual Capital (IC) as the main source of value creation. From a strategic point of view, IC is linked to the ability to create and apply the potential of an organizations knowledge based capabilities, and is commonly categorized into three main components: human, structural and relational capital. The industry 4.0 is changing the way we create value which requires from organizations and individuals a rethinking of what is expected or desired from the internet-connected devices. As a phenomenon of interactions and complementarities, IC can offer a possible pathway for reconfiguring business models. The contribution of this work is mainly conceptual. The aim of this paper is to explore what has been researched so far about the importance of industry 4.0 with impact in organizational value creation and how the theory of intellectual capital can help to leverage its benefits. To achieve this objective, a comprehensive review of journal articles, conference papers, books and international reports was performed.