Abstract

This is a dual-purpose study. Firstly, the article explores the various concepts of Industry 4.0 and the changes in business organizations by studying the existing literature. Secondly, the article aims to identify the steps taken or that need to be taken to manage these changes. A number of studies have been carried out identifying the new challenges and adoption of transformative practices by the Industry 4.0-based companies in different time periods by researchers in India and abroad. In the present study, thirty-one research papers have been reviewed to conceptualize the changes in the management practices in the era of Industry 4.0. The papers reviewed have been published in Emerald, JSTOR, Science Direct, Springer, and other relevant journals. Also, various insights and excerpts have been taken from the official publication of the Automotive Industry 4.0 Summit 2019, organized by Confederation of Indian Industry (CII) and a report by McKinsey & Company. It was found that a wide range of technologies are being embraced by business organizations, namely cloud computing, robotics, Internet of Things, big data analytics, artificial intelligence, etc. The analysis indicated that recruiting the “right people at the right place,” i.e., digitally skilled leaders and managers, enhancing the capabilities of the workforce through employee training, empowering people to work in creative and innovative ways, technological upgrading, and frequent communication are some of the best change management practices to improve the chances of transformation to succeed.