Industry 4.0 on the Way to Companies’ Performance

Achieving competitive advantage in business operations remains a focal concentration of companies the world around. Present business scenarios and disruptions have changed the business orientation from traditional to technology-oriented operations. Implementing new technologies in business operations started a new horizon known as the Industry 4.0 revolution. Hence, there exists a basic requirement for academicians, practitioners, and companies to understand, assist, and promote the implementation of Industry 4.0 technologies and guide them to implement these technologies to improve their business strengths according to their objectives and goals. This chapter addresses the Industry 4.0 technologies and their basic concepts. The incorporation of these technologies has provided certain benefits to businesses across the globe; therefore, certain drivers that compel and encourage companies to implement these technologies are also discussed in this chapter. Industry 4.0 is in its transition phase, especially in developing and emerging economies; hence, the barriers that inhibit the implementation of these technologies are also part of this chapter. Sustainable performance has been widely discussed in literature and companies are also compelled by different national and international organizations to address sustainable performance by improving their operations. Recently, technological incorporation has widely helped organizations to achieve this goal; therefore, how organizations have achieved these goals and how other companies can achieve these goals through the incorporation and combination of these technologies are discussed. Lastly, the potential of these technologies to achieve performance and future recommendations are also included.