How Quality 4.0 is Changing the Future of Business: Part 5

Quality 4.0 holds the potential to provide innovative new business models, particularly for smaller firms. (Radziwill, 2020). While the financial investment in technology will be a constraint for some organizations, the reality for most is that the customers and end-users will increasingly expect businesses to respond to their needs for customization and enhanced customer experience. Ibarra et al (2018) suggest several different approaches for new business models. 

Service-Oriented Approach 

Organizations should move from a product-focus to a service-focus of which products are simply one component. The Product-Service System (PSS) is a framework that integrates product development and offerings to provide customizable solutions that meet specific customer needs and are co-created with the customer.  

Network-Oriented Approach 

As demonstrated by Logistics 4.0, organizations must look beyond vertical integration and embrace both horizontal and vertical integration across the value chain. This integration will blur the line between one organization and the … Read more...