Digital Transformation Of Industry Research Articles

A Systematic Review of Using Internet of Things Technology to Promote the Digitization of Asset Inventory

In the modern society that comprehensively promotes digital transformation, the Internet of Things technology, as an emerging technology, plays an important role due to its unique advantages, especially in the field of asset inventory. In September 2021, eight departments including the Ministry of Industry and Information Technology issued the "Three Year Action Plan for the Construction of New Infrastructure of the Internet of Things (2021-2023)", which specifies that by the end of 2023, new infrastructure of the Internet of Things will be preliminarily built in major cities in China, and the foundation for social modernization governance, industrial digital transformation, and upgrading of people's consumption will be more stable. However, not only does the Internet of Things have its unique drawbacks, but the combination of the two also presents some new problems that require us to analyze and propose solutions. This article will first analyze the current situation of the Internet of Things and asset inventory, and then combine the advantages and disadvantages of the two to complement each other. It will point out the current problems and propose some possible solutions, and analyze a local case to provide some help for subsequent research in this direction.

How do innovation intermediaries’ business models cope with their need to develop new digital services?

This study explores relationships among various aspects of Innovation Intermediaries' (IIs) business models and their intention to provide digital and data-enabled services to their members/customers. Using mixed research methods with data collected from Danish IIs, we find that IIs' current use level of digital resources has a positive relationship with their intention of offering digital and data services, while the level of existing digital services demotivates or prevents IIs from providing them. We also find that the breadth of IIs' customers and partnerships is not directly associated with their intention to offer more digital services in the future. These findings are enriched with nuanced insights from a follow-up qualitative study showing that strategic partners do not provide the required support for intermediaries to develop and provide digital offerings. Instead, IIs rely on system integrators to equip themselves with the needed digital capacity to support their members/customers. The study contributes to the understanding of IIs’ business models linked to their service catalogue, particularly on digital offerings and their function as digitalization champions in a shifting paradigm of industrial digital transformation. Furthermore, it adds knowledge about open innovation by researching service offerings and relevant resources and capabilities of IIs as network organizations.

Digital Transformation in the Fashion Industry in the United Kingdom – A Review

This research study investigates the digital transformation in the fashion industry in United Kingdom. The study objectives are to find the current and future trend surround the fashion industry in UK, investigate the challenges of digital transformation in the industry, as well as critically assess the impact of digitalization on fashion industries in the UK. This study is a review of scholarly articles and the secondary data is collected and analyzed using content analysis approach. Findings from this study found that the changing customer preferences (demands), sustainability concerns, etc. are the major trends in the fashion industry in UK. Further findings revealed that balancing the usage of automated technology and human labor, ensuring customer privacy, environmental implications, etc. are the common challenges facing digital transformation in fashion industry. However, the findings revealed some impacts of digitalization to include highly improvement in the design and manufacturing, marketing and sales through the growth of e-commerce, social media, and mobile payments, etc. findings therefore conclude that the digital revolution of the fashion industry has had a significant influence on the UK marketplace, even though it is creating both possibilities and constraints. Yet, by taking a strategic and proactive approach to digital transformation, businesses can position themselves for success in the digital age. This study therefore recommends the total implementation of digital technology in the operations and design of fashion styles in the fashion industry

Industrial Digital Transformation and A Proposal to Rebuild Digital Trade Agenda

With the Fourth Industrial Revolution, a digitally connected global era has begun. Leading global companies are harnessing innovative technologies such as internet of things, big data, artificial intelligence, robotics and digital twin to revolutionize manufacturing process. This transformation is resulting in the creation of new business models and value-added products. It is time to shift the paradigm of trade by reforming the old mindset dominated by tangible goods. While current trade agreements contain some rules on digital trade, the scope of discussions lag behind the business reality of industrial digital transformation. This article purports to rebuild the objectives and priorities of global digital trade negotiations, by reflecting recent hyper-connectivity and hyper-intelligence. It proposes eight items for digital trade negotiations: digital transformation (DX) in trade, digital manufacturing services, internet access and traffic cost sharing, data trust for interoperability, artificial intelligence (AI) governance, cybersecurity and trade, big-tech platform regulations, and digital business taxation. digital transformation, digital trade, digital service, data flow, artificial intelligence, cyber security, big-tech platform

Experiencing Education 5.0 for Civil Engineering

Nowadays, the construction industry's digital transformation processes are challenging civil engineering education. In general, students and society underestimate the civil engineering field as an outdated and archaic knowledge area. Despite the defragmentation and heterogeneity of the sector, advances have been made on the path for Construction 4.0 and 5.0 scenarios. From this perspective, the CONSTRUCT-Gequaltec group of the Faculty of Engineering of the University of Porto have been sponsoring research and technological development using hardware and software targeting construction management solutions. This paper presents the work in progress mainly connected to the curricular units regarding project management in the Construction Section of the Civil Engineering Department. It also targets assumptions of some expected results across the research and innovation priorities from ECTP Innovative Built Environment and United Nations Sustainable Development Goals (SDGs). Two fundamental elements of the teaching practices are presented as the Construction Sites of the Future (Laboratory-Based Education initiative) and Digital products catalogue targeting Digital Twins in Construction (Project Based Learning initiative). The learning outcomes address increasing knowledge of innovative solutions, delivering skills to deploy 5.0 actions, and targeting human-centred and sustainable attitudes and values.

Disrupting the Technology Innovation Efficiency of Manufacturing Enterprises Through Digital Technology Promotion: An Evidence of 5G Technology Construction in China

Applying digital technology to help enterprises' innovation activities has become a trend in the context of global industrial digital transformation. Can 5G, an emerging digital technology, help manufacturing enterprises improve the efficiency of technological innovation? This article regards the 5G Technology Pilot Construction policy conducted in China in 2018 as an experiment and investigates how promoting and applying this new digital technology impacts the technology innovation efficiency of manufacturing enterprises. Our research finds that the promotion of 5G technology can significantly improve the technology innovation efficiency of manufacturing enterprises. In addition, the empowering effect of promoting 5G technology on the technology innovation efficiency of manufacturing enterprises is more prominent for cities with higher digital financial capabilities and enterprises with lower technology capabilities. These research findings have important policy implications and theoretical references for countries worldwide to widely promote the construction of 5G technology and combine different scenarios to promote the technology innovation efficiency of manufacturing enterprises.

An Exploration of the Relationship between Digital Innovation in Corporate Financial Accounting Management and Corporate Performance

Abstract The development of digitization is soaring and has brought dividends to many industries in China. In this paper, the correlation between digitalization of corporate financial accounting management innovation and corporate performance of Chinese listed companies is explored through a regression model by taking the effect of digitalization of corporate financial accounting management and the time of implementation as the independent variables, and controlling the shareholding structure, corporate development capability, market price, and assets and liabilities as the control variables of the model. Further, based on heterogeneity analysis and robustness tests, we explored the impact of financial management digitization on corporate performance under different property rights. The conclusions we draw are further validated. The results show that the regression coefficient of digital innovation in accounting management and return on net worth is 0.0169, with a significant increase in return on net worth at the 10% level, and the substantial coefficient in digital innovation duration and firm performance is 0.00298, both of which have a considerable contribution. This study can not only promote enterprises to achieve cost reduction and efficiency, but also provide reference for enterprises to implement digital transformation, promote industrial digital transformation, and promote the development of the digital economy.

Research on Industrial Digital Transformation Strategies for the Construction of a New Industrialized City

Industrial digital transformation is the appropriate intention and an inevitable choice to empower the construction of a new industrialized city, which holds great significance for the efficient allocation of industrial resources, the optimized layout of the industrial structure, and the enhancement of industrial development quality. However, industrial digital transformation will encounter two major problems: the data security of enterprise information-knowledge spillovers and the willingness of enterprises to transform, reflected in the enterprise input-output ratio for industrial digital transformation. Therefore, constructing an industrial digital transformation strategy that can effectively address these two problems has become a focal point. In light of this, the study builds an industrial digital transformation strategy from the perspectives of research institutions such as universities, industrial enterprises, trade associations, and government departments by exploring the causes of industrial digital transformation problems. Universities and research institutions should expedite the construction of compatible big data models for industrial digital transformation paradigms, such as the industrial Internet. Leading manufacturing enterprises should actively establish "satellite-type" industrial digital transformation platforms. Trade associations should redirect their functions toward the construction of standardized industrial know-how systems. Government departments should take a leading role in promoting industrial digital transformation among scientific research institutions, industrial enterprises, trade associations, and government departments. The government should lead efforts to promote synergistic cooperation among research institutions, industrial enterprises, and trade associations to ultimately realize the systematic and holistic promotion of industrial digital transformation.

Digital Economy Empowering the Transformation of Hainan's Modern Service Industry

In the context of the digital economy, the development of Hainan's modern service industry faces problems such as rising resource factor costs, shortage of high-quality talents, low service efficiency, and slow industrial digital transformation. Based on the connotation of digital economy empowering the transformation of modern service industry, starting from the development status of Hainan's modern service industry, this article uses SPSS software to research and analyze the influencing factors of Hainan's modern service industry transformation under digital economy empowerment, and then proposes countermeasures for the main influencing factors. This study found that technological innovation capabilities, employee quality, brand reputation, market demand and consumer trends were the main influencing factors for the transformation of Hainan's modern service industry under the empowerment of the digital economy. This article puts forward corresponding transformation suggestions for these influencing factors.

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Regional digital transformation strategies: algorithm for updating projects and goals

Purpose: is to develop an approach to the procedure for updating regional strategic plans in the field of digital transformation, based on the algorithm for solving the problem of optimizing the levels of achievement of project goals in key industries of the constituent entities of the Russian Federation.Methods: the research was based on the documents of the regulatory framework of strategic planning in the Russian Federation and the texts of approved and updated strategies of the constituent entities of the Russian Federation in the field of digital transformation. Methods of constructing strategic maps and decomposing goals, linear programming and finding the optimal solution were used.Results: the formulation of the linear programming problem has been detailed to find the optimal values for achieving the goals of digital transformation, taking into account the features of its field of application. The procedure for decomposing strategic goals and assigning coefficients of relationship between them is illustrated. The quantitative estimates obtained by the authors for solving the problem are presented and explained.Conclusions and Relevance: in the process of developing and subsequent updating of strategic plans for digital transformation, the constituent entities of the Russian Federation are guided by the recommendations of federal authorities and territorial specifics. They take into account new trends in the digital transformation of industries, achievements and limitations on the path to fundamentally different conditions for managing the region and doing business. Digital transformation is proceeding with varying degrees of intensity – there is both territorial and industry differentiation. To a large extent, the speed of transformation processes depends on the ongoing regional policy and the content of the implemented strategic digital projects. The revision of the list of projects and target indicators is due to the necessary adjustment of the goals and emphasis of the transformation process. Assessing the optimal values of industry development indicators, taking into account resource limits, serves the purpose of updating regional strategic plans in the field of digital transformation of key industries and areas.

Digital technology and manufacturing industrial change: Evidence from the Chinese manufacturing industry

This study utilized data from 2011 to 2020 across 29 manufacturing industries in China to comprehensively analyze the macro-level impact of digital technology applications on industrial transformation. The main findings are as follows: Firstly, a significant positive correlation between digital technology application and industrial change was observed, with an average effect of 1.2128 and statistical significance (α = 1 %). In specific sectors such as textile manufacturing, resource processing, and machinery equipment manufacturing, the positive influence of digital technology on industrial transformation is evident, with respective effects of 1.2088, 1.0934, and 1.1737-all statistically significant (α = 1 %). Secondly, examining heterogeneity among different manufacturing industries revealed that process manufacturing and labor-intensive sectors exhibited more pronounced responses to digital technology, with impact coefficients of 1.2189 and 1.2784, both significant (α = 1 %). Robustness tests confirmed the reliability of these results, demonstrating that the positive relationship between digital technology application and industrial change remained robust even after addressing endogeneity concerns. Lastly, a mechanism analysis uncovered the pivotal roles of innovation mechanisms, talent effects, and government institutional arrangements in the digital technology-driven industrial transformation. Notably, the machinery and equipment manufacturing industry displayed a significant positive correlation with the innovation mechanism, with a coefficient of 3.8344. The resource processing industry showed a positive impact associated with the talent effect, with a coefficient of 0.0002. However, in the textile manufacturing and machinery and equipment manufacturing sectors, government institutional arrangements were negatively correlated with industry performance, with coefficients of −0.0056 and −0.0096, respectively. Overall, these findings offer valuable insights into how digital technology shapes the transformation of the manufacturing industry, holding great theoretical and practical significance for guiding the industry's digital transformation efforts.

Methodology for Evaluating State Organization Readiness for Digital Transformation Based on Movsesyan-Raspopin’s Digital Maturity Model

This article is devoted to the current methodology for assessing the readiness of a state organization for digital transformation in Industry 4.0, based on the Movsesyan-Raspopin digital maturity assessment model.The methodology reveals a systematic understanding of digital transformation and is designed to assess the digital maturity of an organization. The key feature of the methodology is the interrelation of the company’s strategy, strategic goals of digital transformation, strategic priorities of the organization’s development, and the available technologies, which allows determining the ways of its further development and economic effect to achieve maturity in Industry 4.0.The article describes the Movsesyan-Raspopin digital maturity assessment model in detail. The basic design of this model consists of organizational domains and integrating elements and evaluates the current and target levels of digital maturity, as well as prioritizes development directions and a set of digital transformation initiatives. The article also analyzes the concepts of “digital transformation” and “digital maturity”, analyzes existing approaches to assessing digital maturity of Deloitte, Boston Consulting Group, Capgemini Consulting, PwC, and models developed by experts Berghaus S., Back A., Kaltenrieder B., Gimpel H., Newman, M. et al.

THE IMPACT OF INDUSTRY 4.0 ON THE MODERN WORLD EDUCATIONAL PROCESS AND IN UKRAINE

In the article, the authors analyze the basic concepts of Education 4.0 and determine that it is characterized by the digital transformation of industry and the introduction of advanced technologies. It is established that Education 4.0 is a new approach to learning based on the use of advanced technologies, interactivity and individualization of the learning process. It is noted that the Concept of Education 4.0 provides for a change in the basic principles of the educational process: the formation of a set of competencies rather than a set of knowledge; continuous improvement of teaching methods through the active introduction of modern technologies; teacher and student become partners who jointly carry out research activities The authors describe the features of the implementation of Education 4.0 in Poland, Ukraine and Romania, and provide an overview of the achievements and challenges facing Education 4.0 in the modern world. In the article, the authors explore the challenges that accompany the implementation of this concept, such as increasing the competence of teachers, educators and research and teaching staff; creating technological infrastructure; issues of technological support, and others. In the course of the study, a survey was conducted at the All-Ukrainian Conference “Innovations, Trends” in 2023. A total of 55 respondents aged 25–68 took part in the survey. It is noted that encouraging a country to implement Education 4.0 is important for its competitiveness and development in the face of rapidly changing technologies. The authors provide recommendations that will help implement Education 4.0 and improve the educational process.

Transforming Higher Education

In recent years, it has become increasingly evident that higher education in the United States is experiencing somewhat of a paradigm shift. We are being challenged to reform our institutions in order to respond to changing societal needs resulting from the fast-paced, digital transformation of industries, societal systems, and our daily lives. The member institutions of the American Academy of Kinesiology will need to think long and hard about how they will respond to these challenges. America’s universities have a responsibility to be a catalyst for the human-centric, technology-driven transformation of sectors such as transportation, agriculture, medicine, public health, clean energy, and manufacturing, among others, and to provide the vision, leadership, and innovation that such workforce transformation demands. Within the academy, we rightly take great pride in our long-standing contributions to the development and deployment of breakthrough discoveries and innovations that have contributed to the transformation of society. However, we have begun to realize that our institutions will need to bring this same commitment to innovation to our teaching, curricula, and instructional programs. Addressing these new areas of need and opportunity will require institutional innovation and reform, for us and for the postsecondary education sector generally. I believe that American Kinesiology Association member departments can play a significant role in the transformation of higher education at our institutions. I am delighted that the American Kinesiology Association has begun to think through how these changes will impact the future of our discipline. I am both optimistic and excited about the many ways that American Kinesiology Association member institutions will continue to play a leading role in the new higher education reality.

Building motivation above trust: A blockchain-based NFT GameFi model for construction workload assessment

In the VUCA (Volatile, Uncertain, Complex, Ambiguous) era, construction management faces unique challenges, particularly in the realm of workload assessment. This paper proposes an innovative solution to address these challenges: a blockchain-based GameFi model for construction workload assessment. This model leverages blockchain Non-Fungible Token (NFT) technology to issue various badges, reliably representing employees' workload. The technology ensures the authenticity and tamper-proof nature of the badges, thereby fostering employee motivation through a distributed trust system. This study provides fresh insights into the construction industry's digital transformation and is anticipated to lay the groundwork for similar applications in other sectors.

Navigating Financial Evolution: Business Process Optimization and Digital Transformation in the Finance Sector

Purpose: This study presents a thorough analysis of the financial industry's digital transformation environment with a particular emphasis on business process improvement. Financial institutions are navigating a changing environment where cutting-edge technology is being employed widely. Financial operations are changing as a result of advances in cloud computing, blockchain, as well as artificial intelligence (AI), which enable scalability, and cost-efficiency, along with improved consumer experiences. However, this change is not without its difficulties, such as the complexity of regulatory compliance, worries about data security, including the necessity of talent acquisition. The purpose of the study is to develop an in-depth assessment of the alternations in numerous financial aspects, where there has been a rise in process optimization and digital transformation. With the help of the study, the examination of the various measures included with the aid of digital technology for the intensification of company processes optimization has been achieved.
 Methodology: The methodology implemented in the development of the study is that of secondary analysis. Through the application of interpretivism, addressing the issues have been provided, where deductive reasoning has been inculcated for reaching the expected outcome. The collection of information had been enabled from academic journals and other data sources from PubMed, IEEE Xplore, and Google Scholar. The application of literature analysis has been enabled for assessing the various concepts.
 Findings: As per the findings of the study, it has been noted that digital revolution has been extremely fruitful for the growth of financial services. A harmonic balance between technological innovations including compliance needs to be attained via cooperative efforts between financial institutions and regulatory organizations. Efficiency gains, particularly in risk assessment procedures, are being driven by robotic process automation (RPA) and AI-based algorithms. This study highlights the necessity of constant flexibility inside financial institutions to be robust as well as competitive in the rapidly changing digital ecosystem. AI has helped in increasing data security within the financial firms and increased the rates of customer satisfaction.
 Unique Contribution to Theory, Policy and Practice: The unique contribution of the study towards the theory, policy and practices relates to the betterment of theory of digital disruption for increasing the overall potential of the digital services.

DIGITAL TRANSFORMATION IN BANKING: A REVIEW OF NIGERIA'S JOURNEY TO ECONOMIC PROSPERITY

The extensive economic ramifications of Nigeria's banking sector's multifaceted digital transformation are examined in this study. The "Giant of Africa," Nigeria, has undergone a significant transformation in its banking practices, adopting cutting-edge digital technologies to boost productivity, advance financial inclusion, and stimulate economic growth. The study identifies key elements of the banking industry's digital transformation, emphasizing the function of online platforms, digital payments, blockchain technology, and cryptocurrencies. Additionally, it explores the forces propelling this transformation, such as customer demands for seamless experiences, increased competition from fintech startups, and governmental requirements for greater transparency. The research also offers a thorough overview of Nigeria's banking industry and economic environment, highlighting its historical reliance on conventional methods and willingness to adopt digital innovations. It exemplifies how digital transformation affects economic growth, investment, entrepreneurship, and job creation outside banking institutions. The study suggests advancing digital transformation in Nigerian banking, including bolstering cybersecurity spending, updating technology infrastructure, and encouraging cooperation with fintech partners. Furthermore, it promotes customer education and ongoing innovation as crucial for long-term success. The study's findings highlight the potential for economic prosperity and the challenges that must be overcome. It also sheds light on the transformational path of Nigerian banking. Nigerian banks can navigate the digital environment and significantly enhance the nation's economy.
 Keywords: Digital Transformation, Nigerian Banking Sector, Regulatory Compliance, Cybersecurity, Data Privacy, Economic Impact, Mobile Banking, Blockchain And Cryptocurrencies

Blockchain Technology in Construction Supply Chain Management: Enhance Transaction Speed, Cost Effectiveness and Security

The traditional construction sector encountered obstacles that prevented it from developing, including knowledge asymmetry, complicated intermediary relationships, and high transaction costs. Blockchain technology offered a more effective, secure, and convenient mode of transaction and management to the construction industry because it was a decentralized, safe, and reliable information transmission and management tool. Blockchain technology could be applied to the construction industry's supply chain to achieve traceability and supervision, enhancing the transparency and dependability of transactions. At the same time, blockchain technology could be applied to the management of the construction supply chain to achieve rapid information sharing and verification, lowering transaction costs, and increasing transaction efficiency. However, the previous study on the use of blockchain technology in the building sector was still in its infancy and required more investigation and study. This study aimed to investigate how blockchain technology could be used in supply chain management for the construction sector to address present issues. The study's goals were to examine how blockchain technology could speed up transactions and improve supply chain management for the construction industry, as well as to examine how it could lower transaction costs and increase data sharing and information transparency. This study used a semi-structured interviewing technique for the purpose of gathering and analysing data. The researcher learned more about professionals and industry experts' thoughts and experiences with blockchain technology in construction supply chain management through in-person or remote interviews with them. The advancement of the construction industry's digital transformation and information upgrading reflected the significance of this study. This study would help the supply chain management in the construction sector in enhancing the effectiveness of supply chain transactions in the construction industry and reducing the transaction cycle; lowering the price of supply chain transactions in the construction industry and boosting the industry's competitiveness; strengthening the security and reliability of supply chain transactions in the construction industry and reducing data compromise and transaction risks.

Decarbonization of the Food Industry—The Solution for System Design and Operation

Digital transformation in industry is seen as a key technology enabling decarbonization. It is obvious that measures to increase the energy efficiency and integration of renewable energy technologies must be fostered, and in most cases, these measures need a smart combination of several solution pathways. This results in a significant increase in both the design and operation complexity of these systems. However, there is no clear guidance regarding optimized systems. This work presents a standardized methodology enabling the optimized management of the demand and supply side of an industrial process towards decarbonization. The methodology is presented and showcased based on examples from the food industry and demonstrates how to realize energy efficiency measures and the integration of renewable energy by combining the supply side (SS) and demand side (DS) of industrial processes. The results show that data availability and individualized modeling are major challenges in implementing the methodology. To show the impact of optimization, well-selected key performance indicators (KPIs) are a proper means of evaluation and validation, but it is important to select them on purpose. Therefore, future research should focus on efficient data acquisition, expanding expertise, standardized modeling tools, and KPI definitions.