Need analysis of small and medium companies competencies in order to get ready and handle the challenges of Industry 4.0
The global economy is currently entering a new development phase distinguished by the digital and biological interaction of technologies such as big data, artificial intelligence, the internet of things, robotics, 3D printing, etc. The phase is also called the revolution of Industry 4.0. This revolution's critical changes differ from the first three industrial revolutions because of the speed, exponential growth, and broad impact on both the economy and society.
In countries' economies Industry 4.0 revolution changes conventional principles of production and consumption and generates many new uncertainties for companies. Companies are facing evolving threats involving the loss of competitive advantage and possibilities of development due to the unequal innovative susceptibility, the tools of the improvement of competencies and retraining, and the ability to adapt to new workplaces. Therefore, there is an increasing importance of workers' preparedness and the redistribution of human resources, the change, or improvement of their competences in the companies.
This study, commissioned by the European Social Fund Agency and performed by the Public body Panevėžys Development Agency is dedicated to thoroughly analyzing and exploring the need for future human resources competencies, which are influenced by the Industry 4.0 revolution identify the possibilities of acquiring/granting necessary competences. There is an expectation that the analysis prepared, and insights will eventually benefit the building and development of the system of competencies improvement, reflecting the challenges of Industry 4.0 and strengthening small and medium-sized business companies for future challenges.