Management 4.0 assists businesses in evolving, surviving and performing in the competitive and dynamic world. This fourth revolution uses advanced technologies like Artificial Intelligence (AI), Virtual Reality (VR), Internet of Things (IoT), Robotics, Holography, Additive Manufacturing etc., for the proper management systems. These technologies facilitate working personnel and make it more appealing to complete their duties efficiently and accurately. The main aim of this paper is to understand the concept of Management 4.0, its technologies and applications for proper management systems. As Management 4.0 enhances process control, the chance of human error is reduced, leading to increased efficiency. It enables rapid and intelligent decision-making, reduces costs, accelerates growth, and raises profitability. Management 4.0 technologies and advanced data analytics are helpful to make smart supply chain management well suited to fulfil industry 4.0. Thus, to overcome various obstacles and effectively deploy Management 4.0 technologies in manufacturing industries, top management must establish a clear asset performance management plan with the help of process engineers familiar with industrial system failure occurrences and what operators need to improve. Management 4.0 involves advanced technologies, system connectivity, data collection & analysis at the organisation level. Management 4.0 is expected to be a critical component in the long-term survival of any business, either manufacturing or service-providing organisations.
Implementing Management 4.0 technologies provides firms with increased efficiency by connecting automation with data collecting and exchange protocols. Streamlining the procedures and boosting access to valuable data can optimise production with optimal resource utilisation. Advanced technologies are integral to Management 4.0, and their effective use could lead to better production and management. For instance, robots are an essential part of flexible automation and have many services in industrial manufacturing, including welding, assembling, plasma cutting, and finishing , , . Manufacturers of all sizes may profit from robots in a variety of ways. Proper integration of Robots contributes to improved quality control, a safer work environment, decreased bottlenecks, higher output, enhanced worker satisfaction, and many more. Like this, a new factory is planned, and another powerful digital twin technology could be utilised for new products or processes. It allows for faster and more reliable innovation development with fewer physical prototypes. When a product is manufactured, or a factory is implemented, more data is generated to improve the Management 4.0 environment [4,5].
Management 4.0 technologies help connect machines to the cloud and construct customised versions of their industrial IoT. These technologies are laying the groundwork for future development and scalability. The ultimate objective of Management 4.0 is to enhance and advance industrial processes. In recent years, the manufacturing business has undergone many changes. Management 4.0 is a comprehensive and unified set of technologies that can transform the entire management system. It has also become a reality in which factory automation is commonplace, and factories are more intelligent than ever before. Technologies aim to collect massive volumes of data from various sources. These provide intelligent production scheduling software, the foundation for smart autonomous decision-making. In this Management 4.0 scenario, supply chain analytics will reach new heights. Manufacturing as a service allows firms to bid on manufacturing a product or a single production step. This specialisation can improve manufacturing efficiency while lowering costs and fine-tuning the supply chain. Production and logistics operations are smartly connected, resulting in a more efficient and adaptable real-time lean manufacturing environment. This will make it easier to build smart value-creation chains that span the whole product life cycle, from conception to manufacture, usage, and maintenance to recycling. These characteristics of the Management 4.0 facilitates the managers to make data-driven decisions and set their strategic goal in that direction. Management 4.0 enabled culture to help the employee develop their own skill set that might help make the process and operations more efficient. The primary role of Management 4.0 is to motivate the managers to develop the Management 4.0 culture. In addition, Management 4.0 technologies will become extremely useful in the manufacturing process and assist with various logistics, including manufacturing, production, and shipping. This study might be helpful for proper management systems in the industries and provide proper information systems.