■ Likewise, Industry 4.0, the 4th industrial revolution, Service 4.0 is the fourth customer experience revolution.
■ As a simple categorization, there are 2 major sectors in the economy: the goods-producing sector and the service-producing sector.
■ Due to the new paradigm shift and Digital Transformation, we can observe that we are offering various goods as a service.
■ Digitization empowers technology to support automation for industries and tasks, boosts knowledge workers’ jobs, and drives the Fourth Industrial Revolution (4IR). Like Industry 4.0, utilizing digitization to services results in a Service 4.0 approach with value chain improvements.
■ Service 4.0 is a collective term for technology innovations and concepts of service delivery management, based on new disruptive technological concepts, the Internet of Things and the Internet of Services.
■ It is a similar concept to industry 4.0, applied to the value chain. The idea of the value chain is based on the process view of organizations and seeing a manufacturing or service organization as a system.
■ In simple words, while Industry 4.0 focuses on the usage of new-age technology in manufacturing, Service 4.0 focuses on doing the same to provide an unparalleled customer experience in the service sector.
■ The integration of services and digital technologies produces significant opportunities in manufacturing, by allowing more efficient processes, adding value to products, and supporting improved managerial decisions with richer, faster, and sounder information.
■ Service 4.0 focuses on higher productivity and innovation in the services sector through digital technology in the enterprise.
■ In Services 4.0, organizations are required to meet changing customer needs quickly, innovate, and create new value to differentiate themselves from competitors for sustainable competitive advantage.
■ Emerging technologies will make it feasible for enterprises to automate repetitive tasks and achieve higher productivity.
■ However, as customers still demand human interactions, businesses should unlock growth by offering human-centric services enabled by emerging technologies.