Discourse: Industry 4.0 and its Impact on the Financial Sector

UNWE: Public Lecture on the Industry 4.0 and her Impact on the Financial Sector, Martin Stieger, Hans Unterdorfer, Sofia, March 2016

Industry 4.0 – Definition

  • Strong customization of products under the conditions of highly flexible mass production – eg spare parts production on demand
  • Digitalization networking of production machinery – eg Kuka robotics
  • Amalgamation of production and services eg Thyssen Krupp AG – elevators
  • Impact on secondary and tertiary sector of the economy – eg ING DiBa study; replacement of 18m jobs in GER

Change vs Mutation of Value Chain

  • Traditional change of vc
    • forward integration ie vertical integration include direct distribution
    • Traditional view on industry Portes´s five forces:
      • New entrants
      • Buyers bargaining power
      • Substitutes threat
      • Suppliers bargaining power
      • Intensity of rivalry
  • Mutation
    • Disruptive scenario
    • Replacement of industries
    • Post Newtonistic scenario
    • Integration of customer in production process
    • Emerging of customized mass production
    • Self-Performance of the customer as part of the entire process

Unpredictability

  • Change of needs
  • Change of desires
  • Trends and fashions
  • Uncontrollable circumstances

Requirement of Flexibility

Virtual Currencies

  • Decentralized
  • Virtual
  • Based on open source software
  • currency
  • Disnitermediation – peer to peer payment

Round up

  • Customization
  • Integration of Customer
  • Instant production
  • Disintermediation
  • Mutation
  • Unpredictability – flexibility

Amalgamation of economies and sectors

http://www.unwe.bg/en/news/8807/public-lecture-on-the-industry-4-0-and-her-impact-on-the-financial-sector-.html

A public lecture on The Industry 4.0 and Its Impact on The Financial Sector was delivered at the university by Dr. Martin Stieger, Director of the Center for European University Studies (CEUS) and Dr. Hans Unterdorfer, banking expert, Honorary Adviser of the Russian Federation in Austria. The Rector of UNWE Prof. D.Sc.(Econ.) Statty Stattev opened the meeting and presented the guests.

A public lecture on The Industry 4.0 and Its Impact on The Financial Sector was delivered at the university by Dr. Martin Stieger, Director of the Center for European University Studies (CEUS) and Dr. Hans Unterdorfer, banking expert, Honorary Adviser of the Russian Federation in Austria. The Rector of UNWE Prof. D.Sc.(Econ.) Statty Stattev opened the meeting and presented the guests.

The wide application of information technology and internet marketing has created a new chain of economic relations in the industrial and financial sector, the consumers are integrated by the internet area and the economic process has changed and has become unpredictable, outlined the lecturers. The change of needs, desires, tendencies and fashion as well as the unpredictability of circumstances requires economic flexibility for solving and controlling the market problems. The opportunity for online marketing and appearance of virtual currency such as bitcoin tries to replace the traditional ways of payment, pointed out Dr. Stieger and Dr. Unterdorfer.

Both scientists examined also the new industrial metamorphosis to which the world economy is faced up. They paid attention also to the newly discovered change of genetic codes and their importance for finding new mechanisms for measuring the economic indicators in the future.

The Rector of the university Prof. D.Sc.(Econ.) Statty Stattev awarded to Dr. Stieger and Dr. Unterdorfer Certificates of Appreciation in recognition of their public lecture

http://stieger.or.at/de/

http://asasonline.com

http://unwe.bg/

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