Abstract
Subject Outlook for industry 4.0. Significance Dubbed variously 'Industry 4.0', 'intelligent manufacturing' or the 'internet of everything', cyber-physical systems that control the flow of materials, products and information are starting to transform industrial production and supply chains. They will eventually disrupt business models and challenge policymakers. Impacts Improved production flexibility and vertical integration with customers should facilitate bespoke manufacturing ('mass customisation'). Entire value chains will vertically integrate, embracing product design, procurement, production, distribution, sales and maintenance. Horizontal integration around smart factories will create new business models based on manufacturing as a service (MaaS). Pay-by-use and subscription-based MaaS could upend traditional models for financing capital expenditure on plant and equipment.
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