This panel explores how Industry 4.0 technologies enable new forms of collaboration within companies and across all tiers of supply networks. Industry 4.0 refers to a variety of technologies such as Internet of Things (IoT), big data, cloud computing, cybersecurity and additive manufacturing. Supply chains are under increasing pressure to reduce costs and compress schedules. Most of the costs are in Tiers 2 through 5, which have fewer resources and are typically not connected digitally to others. Industry 4.0 technologies create opportunities for competitive advantage for the smaller players by allowing them to establish self-organizing networks with anyone.
We examine how MBEs and Corporate members can exploit Industry 4.0 technologies. Examples include supply network agility and efficiency, product/service innovations, working together on larger opportunities, and developing stronger customer-supplier relationships.