Best Practices. Managerial Early Warning System as Best Practice for Project Selection at a Smart Factory
The purpose of the paper is to contribute to the development of best practices at emerging factories of the future, i.e. smart factories of Industry 4.0. Smart factories need to develop effective managerial early warning systems to identify and respond to subtle threats or opportunities, i.e. wea...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Academy of Economic Studies of Bucharest
2018-08-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | http://www.amfiteatrueconomic.ro/temp/Article_2758.pdf |
| Summary: | The purpose of the paper is to contribute to the development of best practices at emerging
factories of the future, i.e. smart factories of Industry 4.0. Smart factories need to develop
effective managerial early warning systems to identify and respond to subtle threats or
opportunities, i.e. weak signals, in order to adapt to an ever-changing environment in a
timely manner and thus gain or maintain a competitive advantage on the market. These
factories need to develop and implement a several-stage early warning system that is
specific to their industry. The aim of our study is, with the help of semi-structured group
interviews, to examine which stages of a managerial early warning system are present in
the case of a global innovative supplier in the automotive industry. As such, a four-stage
managerial early warning system model for a knowledge-based automotive smart factory is
proposed, in which aggregate activities and management decision-making strategies are
defined for each stage, with the importance of intuition being taken into consideration. We
found that managers rely on intuition and extensive analysis for satisficing strategies and
teamwork for optimizing strategies, when using their managerial early warning system. |
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| ISSN: | 1582-9146 2247-9104 |