Industry 4.0-based Technologies as a Tool for Implementation of Strategies for Diversified Growth

Abstract

The fourth industrial revolution or Industry 4.0 is already a fact in the form of a set of high technologies in business organizations; of new business models aimed at digitalization; of national, European and global strategic initiatives aimed at promoting digitalization of business; as a phenomenon changing the ways of production, consumption, communication, and in the long term also of training and education. This industrial revolution is an important factor in the external business environment of modern business organizations, which can promote or limit their development. The technologies associated with it represent an important internal determinant of growth. In this regard, the present article examines the “Industry 4.0” phenomenon and its relationship with strategic business planning and the implementation of a specific type of business growth strategies. In conclusion, the article answers the question whether and how Industry 4.0-based technologies contribute to the implementation of the examined strategies for diversified growth in enterprises.