Int Adv Econ Res (2018) 24:205–206 https://doi.org/10.1007/s11294-018-9681-0 RESEARCH NOTE 1 1 Josef Horák & Jiřina Bokšová Published online: 5 May 2018 International Atlantic Economic Society 2018 . . JEL Classification M00 M13 M21 Industry 4.0 is a phenomenon that has been increasingly discussed since 2012; first, in Germany and subsequently throughout the European Union and other developed countries, such as the U.S., China, or South Korea. The concept itself is based on individualized mass production in smart factories. Thus, in theory, the production process in accordance with Industry 4.0 principles should bring about significant savings in energy consumption, wages, and other operational expenses. Furthermore, the process should also be much faster, cheaper, more effective, and optimized for customers’ individual requests. However, in order to reach this stage companies will have to invest in new technologies, specifically, in machines and devices that will enable effective cooperation and sharing of information. The current study primarily deals with problems associated with big data, which undeniably represent an essential component of Industry 4.0 itself. The research is based on a literature review, analysis of the accounting processes in the examined companies operating within the automotive industry in the Czech Republic, and on the
International Advances in Economic Research – Springer Journals
Published: May 5, 2018
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