Specification of product value as a key part of Canvas business model in the context of industry 4.0

Abstract

The purpose of this article is to specify the business model Canvas and its modifications in the manufacturing industry 4.0. The paper provides a review of the literature to expand our knowledge of how Industry 4.0 affects business models. This article aims to specify and analyze the Canvas business model and its application in the new revolutionary era of the digital world in manufacturing 4.0. Also, we defined the hypothesis that "exist a relationship between market type such specific market segment) and given value to the customer". The findings deepen the understanding of how 4.0 affects the manufacturing industry, B.M., and the behavior of the current economic environment. A lot of research in the field of industry 4.0 using Canvas B.M., but very often, the view of the Czech business environment is neglected. Focusing on this area may lead to future research. This literary review focuses on the latest literature indexed in the Web of Science and Scopus. The focus is on the period between 2013-2020. The research methodology is based on a comparison of research by other authors with a focus on industry 4.0 in the Czech Republic and worldwide, on the role of business models in this sector, and their interconnection. The main results of this research point to the importance of Industry 4.0 and its implementation, as well as the need to adapt business models to the needs of this revolution.The purpose of this article is to specify the business model Canvas and its modifications in the manufacturing industry 4.0. The paper provides a review of the literature to expand our knowledge of how Industry 4.0 affects business models. This article aims to specify and analyze the Canvas business model and its application in the new revolutionary era of the digital world in manufacturing 4.0. Also, we defined the hypothesis that "exist a relationship between market type such specific market segment) and given value to the customer". The findings deepen the understanding of how 4.0 affects the manufacturing industry, B.M., and the behavior of the current economic environment. A lot of research in the field of industry 4.0 using Canvas B.M., but very often, the view of the Czech business environment is neglected. Focusing on this area may lead to future research. This literary review focuses on the latest literature indexed in the Web of Science and Scopus. The focus is on the period between 2013-2020. The research methodology is based on a comparison of research by other authors with a focus on industry 4.0 in the Czech Republic and worldwide, on the role of business models in this sector, and their interconnection. The main results of this research point to the importance of Industry 4.0 and its implementation, as well as the need to adapt business models to the needs of this revolution.