The Impact of Industry 4.0 on Business Models

Tuesday, Jan. 22, 12 p.m. Eastern time | Register now

Presenter: Thorsten Wuest, West Virginia University and D. Scott Sink, Ph.D., P.E., The Ohio State University

On Oct. 11, IISE hosted a webinar that introduced Industry 4.0 and launched a webinar series on this very broad and important subject. This next webinar will example the impact of Industry 4.0 on business models; more specifically product service systems, servitization, and smart services. Many traditional manufacturing companies, big and small, are contemplating to switch towards a more service based business model, such as pay-per-use or pay-per-outcome. At the same time, with the dawn of Industry 4.0 the necessary technology, such as IoT, 5G, and Digital Twins, is readily available and so the technology enablers exist. A clear pathway as well as individual and transparent decision support tools are clearly missing, and this is slowing down the commercialization/adoption rate.

The webinar is designed for leaders and managers in organizations attempting to figure this all out, students wanting to understand the big picture and learn how to focus their continuing research and learning, and for ISE’s in other domains just interested in understanding the context of what’s called Industry 4.0 and the components that make up this large abstraction.

One of the things ISE’s do well is think systems. Strategizing the migration strategy and plan for an organization relative to an “Industry 4.0” transformation/evolution is challenging and requires systems thinking to pull it off well. As the migration is planned and executed it will have significant impact on the ‘business model’ as well as on key business processes. This webinar will focus on those issues.

These "Lunch and Learn" webinars are intended to be something you can do over your lunch hour, get a sandwich and relax at your desk and take 60 minutes to get a good dose of wisdom and experience sharing.

Thorsten Wuest, Ph.D. serves as assistant. professor at West Virginia University and J. Wayne and Kathy Richards Faculty Fellow in Engineering at the Benjamin M. Statler College of Engineering and Mineral Resources. His research focuses on smart manufacturing, machine learning/data analytics, hybrid analytics, Industry 4.0, servitization/product service systems, item-level Product Lifecycle Management (PLM) with a focus on manufacturing systems. See Dr. Wuest’s website for more information: www.thorstenwuest.com

D. Scott Sink, Ph.D., P.E. is the head of the Integrated LeanSigma Certification program in ISE at Ohio State. Scott was the vice president of Business Process Improvement for MDS, a Global Life Sciences Company prior to joining OSU ISE. Scott is also the team lead for the IISE Columbus Professional Chapter and a member of the Council on Industrial and Systems Engineering. Scott worked with the Manufacturing and Design Division and the speaker to create this webinar offering and will facilitate the webinar.

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