THE 4th INDUSTRIAL REVOLUTION (4IR) and SUSTAINABLE DEVELOPMENT

Abstract

Industry 4.0 (The 4th Industrial Revolution – 4IR) is an emerging ecosystem based on a connection between machines and humans. I4.0 has delivered new production technologies that maximize output while maximizing resource use. An increasing number of companies are reaping the benefits of technological advancements. I4.0 has the potential to provide sustainable industrial value creation across social, economic, and environmental aspects by enhancing resource efficiency. Human advancement, resource utilization, and commercial relationships all fall under the umbrella of sustainable development (SD). Traditional business problem-solving methodologies are being challenged by the I4.0 notion of sustainability, which calls for a shift toward a more systematic and quantifiable approach to dealing with sustainable development. Transformational business models include the triple bottom line and take into account many stakeholders as well as the wider community and environment. social, economic, and mental environment make up the three pillars of long-term viability. It is vital for business models in transforming to value delivery processes for sustainability, making them significant drivers of competitive advantage and overall SD. The paper focus is on the tools and procedures utilized to conduct a thorough examination of these components. This study proposes a quantifiable 4IR framework to map the broad spectrum of sustainable development. This framework is linked with the existing industry 4.0 environment and quantifiable sustainable nodes to measure businesses in the digital era that are potential for sustainable development.