Abstract
Given the principles of industrial engineering, any simplification of production processes should contribute to the achievement of Industry 4.0 goals, but this hypothesis needs to be confirmed through scientific research on its possible challenges, opportunities, and benefits. The aim of the research clarifying the conceptual foundations, advantages and challenges of smart manufacturing in Industry 4.0. The subject of the research features and mechanisms of smart manufacturing in Industry 4.0. The methods of the research method of analysis and synthesis, historical method, dialectical, systemic, logical. The hypothesis of the research: it is assumed that the introduction of Industry 4.0 technologies will increase efficiency by reducing transaction costs and information asymmetry within the system. The statement of basic materials: identifies five important features of Industry 4.0; summarizes modern approaches to production optimization; proves that the concept of Industry 4.0 should cover not only the value creation process as such, but also labor organization, business models and other services; highlights the advantages and challenges of integrating traditional with Industry 4.0 technologies. The originality and practical significance of the research: a comprehensive, in-depth analysis of the mechanisms of functioning of the Industry 4.0 strategy as a subordinate, hierarchical and dynamically interacting set of relations is carried out. Conclusions and perspectives of further research: Industry 4.0 technologies have a number of advantages and, therefore, have a good potential for return on investment. This applies to automation, production management, and decision-making systems. Industry 4.0, unlike the previous industrial era, enables historically unprecedented automation, customization, and profitability. Prospects for further research include exploring opportunities to improve production efficiency through human-machine interaction.
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