Abstract
The [World Economic Forum 2016, https://www.weforum.org/events/world-economic-forum-annual-meeting-2016. Accessed 5 Aug 2017] predicted that the world would face the Fourth Industrial Revolution which means innovative changes through convergence of cutting-edge information and communications technologies (ICTs) such as artificial intelligence, IoT, big data and cloud computing with conventional industries. It was forecasted that such innovation would take place across all industries and services. In particular, the Fourth Industrial Revolution has paid attention to changes in conventional traditional industries. The weak signal analysis is a method which can detect the sign of future changes at an early stage. A weak signal is defined as an advanced indicator in such changes. Therefore, its search and monitoring can be an early warning on threat and great opportunity to be prepared. To overcome the limitation of future prediction which is mostly dependent upon an expert group’s intuitive judgment, this study attempted to investigate the weak signal of convergence among industries, using knowledge structure based approaches. As new products and services can lead to convergence between industries, research data has gathered information on the products and services of global listed companies which have been established for the past 11 years. For comparative analysis, they were grouped every 5 years, and product and service trends were compared. And we detected weak signals of convergence with different industries and noticed the changes of existing industries. Historically, the convergence of industries is mainly discussed in relation to science and technology-led industries, so the industrial field that has been studied has chosen Korea’s growth engine industries, a high-tech science and technology industries.
Highlights
Today, businesses are exposed to rapidly changing business environments
Many studies such as “Application of Open Innovation to Social Business (Svirina et al, 2016)”, “Effects of Service Innovation on Government Support System (Si-jeoung et al, 2016)”, “A Study on the development of new Innovation Diagram based on three elements - Technology - Business Model (BM) - Market (JinHyo et al, 2016)”, and “Analysis of Core Competency Enhancing Relationship between Innovation Performances and TQM Implementation (Maha, 2016)” have insisted that businesses need to keep monitoring diverse internal and external environments and promoting innovation
As a way to overcome such problems, they suggested that businesses need to well understand the Fourth Industrial Revolution and get fully prepared. 2016 was the year when ‘Sharing Economy’, one of the core businesses of the Fourth Industrial Revolution, had a significant influence on industries
Summary
Businesses are exposed to rapidly changing business environments. Under these circumstances, it is very difficult for them to launch and lead new business just by responding to such changes. Many studies such as “Application of Open Innovation to Social Business (Svirina et al, 2016)”, “Effects of Service Innovation on Government Support System (Si-jeoung et al, 2016)”, “A Study on the development of new Innovation Diagram based on three elements - Technology - Business Model (BM) - Market (JinHyo et al, 2016)”, and “Analysis of Core Competency Enhancing Relationship between Innovation Performances and TQM Implementation (Maha, 2016)” have insisted that businesses need to keep monitoring diverse internal and external environments and promoting innovation. 2016 was the year when ‘Sharing Economy’, one of the core businesses of the Fourth Industrial Revolution, had a significant influence on industries This study targets to suggest implications after analyzing business service trends and investigating a weak signal on convergence services with data on the products and services of global listed companies from 2005 to 2015
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