Industry 4.0 in a Small Commodity-Based Economy: A Vehicle for Stimulating Innovation

Innovation is fundamental for companies to exploit changes in their environment and maintain a competitive advantage. Access to information and the ability to quickly utilise available resources are key enablers for in-company innovation. Both of these are elements associated with Industry 4.0, which can now be identified as a facilitator of innovation. The Industry 4.0 framework integrates evolutionary advances in manufacturing, production technologies, information technology, Internet of Things (IoT), distributed processing power, and visualization tools, which facilitate organizations to more effectively create enhanced value propositions for their customers, encouraging innovation in processes and products. Three local firms are analyzed, and opportunities for innovation are clearly identified in the process of transitioning to Industry 4.0 through reconfigured value chains; the creation of a cluster to facilitate the development of innovative cloud-based solutions; and product configurator and an augmented reality interactive display.

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