Industry 4.0 and the Digital Transformation of International Business

320 Pages·2023·6.037 MB·English

by  Gurinder Singh, Richa Goel, Vikas Garg

Gurinder Singh
Richa Goel
Vikas Garg   Editors
Industry 4.0
and the Digital
Transformation
of International
Business
Industry 4.0 and the Digital Transformation
of International Business
· ·
Gurinder Singh Richa Goel Vikas Garg
Editors
Industry 4.0 and the Digital
Transformation
of International Business
Editors
Gurinder Singh Richa Goel
Amity International Business School Amity International Business School
Amity University Amity University
Noida, Uttar Pradesh, India Noida, Uttar Pradesh, India
Vikas Garg
Amity Business School
Amity University
Greater Noida, Uttar Pradesh, India
ISBN 978-981-19-7879-1 ISBN 978-981-19-7880-7 (eBook)
https://doi.org/10.1007/978-981-19-7880-7
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Foreword
With the new wave of technical innovation, institutional contexts emerged, resulting
in variations in the standardizing method across the nations. The Industry 4.0 revo-
lution is evolving fast, and firms and entrepreneurs in other industries are begin-
ning to feel the impact. Industry 4.0’s primary effects include delivering real-time
market knowledge to firms. Thus, the new technologies developed via Industry 4.0
have established new methods for businesses, in which their operational, economic,
marketing, and social demands are clearly changed. Though many economists argue
that technology as a tool is meant to make the world a decentralized place, the reverse
is happening. Whether this integration of the digital age with international business
is a boon or curse, it will be influenced by the strategies used by the global orga-
nizations. Thus, the interaction of information age like use of artificial intelligence,
robotics, big data, algorithms, and neural networks with MNE strategies has become
an important area of study for international business scholars.
This book gives an outline of the most pertinent issues and effects that Industry
4.0 is expected to bring on to global organizations including MNEs to developed
and specially to developing economies in future. This book analyzes the possible
implications for international business practice and theory and investigates the wider
repercussions on employment, development, and ethics. It also classifies a few key
possible impacts or scenarios and defines some relevant questions for further research.
This book also discusses how businesses across their organizations will use Industry
4.0 technology to improve customer relations and provide consumers and distributor
partners with the new value.
I assume that academicians, students, corporates, and masses in all fields can
improve and expand their knowledge with the learning of the basic trends and activ-
ities in this book. This book offers a valuable guide to the intellectual and practical
work and calls for the need to rethink that knowledge is needed in real time at the
various levels of the product life cycle.
I am pleased to write this foreword as the Editors of this Book has given full-
hearted effort for a great solution and innovation. All chapters in this book have been
selected based on peer review where reviewers were very much expert in the sector.
v
vi Foreword
I do believe that the book will be a guideline for students, teachers, customers,
businesses, and policymakers and for general people of globe. This book is a good
step in that direction. I wish the best of luck to the Editors of this Book in this
endeavor and working to their full potential.
With Best Wishes
Prof. Nick Petford
Vice Chancellor
University of Northampton
Northampton, United Kingdom
Preface
The international business sector has been transformed entirely by Internet Age and
Digitization. It is the transition to the Third Industrial Revolution according to some
studies and many say it is the start of the Fourth Industrial Revolution. The new
digital world or Industry 4.0 is redefining the oral limits of sectors, deconstruction,
and the development of new sectors, thereby boosting flexibility for labor and employ-
ment practices. With this in mind, Industry 4.0 technologies are able to enhance the
competitiveness of enterprises, leading to a new age of the Renaissance production.
Industry companies need to establish a strong digital culture that encourages
success via continuous leadership. While new technology becomes exponentially an
advantage, how digital executives discover, manage, and communicate the process
significantly depends on the performance of a new IQ firm. Digitization in this
changing era is all designed to introduce a sense of effectiveness and efficiency
rather than the use of traditional business principles. In the era of digitalization,
the use of technology such as artificial intelligence has become such a paradigm.
With Industry 4.0, digitalization breaks down industry boundaries and develops new
business models, generating new ones and perhaps developing them.
This book focused on how international businesses are integrated with the digital
age and how these technologies have generated new ways to enterprise considering
Industry 4.0 looking in an “entrepreneurial” approach at current trends.
This book has a wider scope as it will not only cover the basic essential areas
required to be studied by undergraduates, graduates, researchers, or academicians
for higher learning but will also be helpful for organizations, businesses, and
entrepreneurs to create global digital businesses in the new e-commerce era. This
book is a first effort to answer some of the aforementioned areas. It is dedicated
to explore the new opportunities and challenges for established MNEs, small and
medium-sized enterprises, new global enterprises and start-ups, as well as developing
vii
viii Preface
and developed countries, which are influenced in some way by the new information
and digital era.
Noida, India Gurinder Singh
Noida, India Richa Goel
Greater Noida, India Vikas Garg
Acknowledgement
We wish to express our sincere appreciation to those who have contributed to this
book and supported us in one way or the other during this amazing journey.
First and foremost, we would like to thank with utmost devotion and humility
“The Almighty Lord” for clearing all the obstacles and making it rather opportunity
than a problem for this valuable work.
We would like to express our special thanks to Dr. Ashok K Chauhan, Founder
President Amity Group for being the mentor, a guide and a source of encouragement
and support. He has been a living role model to us, taking up new challenges every
day, tackling them with all his grit and determination, and always thriving to come
out victorious. It is his vigor and hunger to perform in an adverse situation, which
has inspired us to thrive for excellence and nothing less. It is rightly said that you
cannot teach a person anything, you can only help him to find it within himself.
With a sense of regard and reverence, we take this opportunity to express our deep
sense of gratitude to the Springer Publishing Editor, Ms. Nupoor, for her valuable
guidance, perceptive encouragement, and indispensable suggestions throughout the
journey of this book.
We would like to acknowledge the immense role of our family in enabling us to
complete this project. We consider ourself the luckiest in the world to have such a
supportive family, standing behind us with their love and support.
It is more difficult than we expected to write a book and more gratifying than
we ever thought possible. Thanks a lot, to everyone who wants to develop and lead
others, the world is a better place. It is even better for those who share with future
leaders the gift of their time. Thank you to everyone who are trying to grow and help
others to grow. To everybody who were a part of this book, finally.
Many people played an important role in the development of this edition of the
book, and we are deeply grateful to all of them.
Dr. Gurinder Singh
Dr. Richa Goel
Dr. Vikas Garg
ix
Contents
The Global Impact of Pandemic 2020: A Critical Analysis
and a Way Forward ............................................... 1
Namita Sahay, Seema Sahai, and Paridhi Jain
Challenges of Adapting to the Fourth Industrial Revolution
in Emerging Economies: A Bangladesh CASE ........................ 21
Quazi Tafsirul Islam, Faseeha Zabir, Md. Asif Hossain, and Rifat Iqbal
“Entrepreneurship in the Digital Era. A Systematic Literature
Review” .......................................................... 33
Michela Floris and Angela Dettori
International Business and Block-Chain Ventures .................... 69
Namita Rajput, Vikas Garg, Emilia Alaverdov, Jyotsna,
and Shivani G. Varmani
The Rise, Fall, and Rise Again of Parikarma Events .................. 85
Harjit Singh and Neha Puri
Industry 4.0—Its Advancement and Effects on Security
of Whistle-Blowers on Dark Web ................................... 103
Anita Venaik, Shourye Jain, and Anand Nayyar
Artificial Intelligence and Its Impacts on Industry 4.0 ................. 123
Seema Garg, Navita Mahajan, and Jayanta Ghosh
Rise of Digital Entrepreneurship During COVID-19 in India .......... 135
Preeti Tewari
A New RFM Model Approach: RFMS ............................... 143
Semra Erpolat Tas¸abat, Tayfun Özçay, Salih Sertbas¸, and Esra Akca
Assessing the Impact of Artificial Intelligence in e-Commerce
Portal: A Comparative Study of Amazon and Flipkart ................ 173
Sachin Gupta, Shreya Singhvi, and Giuseppe Granata
xi