Conducting literature review on Social innovation and industry 4.0

Running head: SOCIAL INNOVATION AND INDUSTRY
Social innovation and industry 4.0
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1SOCIAL INNOVATION AND INDUSTRY
Abstract
In this report, the effects of social innovation and industry 4.0 are understood. For this, research is
conducted on various prior books and journals. Here an exploratory approach is determined to
analyze how to tackle industry 4.0 from a social perspective. More precisely, the kind of relationship
between industry 4.0 and social innovation is clearly demonstrated through this study. A gap
between various theories is bridged here.

2SOCIAL INNOVATION AND INDUSTRY
Title: Conducting literature review on Social innovation and industry 4.0
1. Introduction:
1.1. Rationale:
The social innovations refer to new ideas meeting various social needs. This also includes the
development of relationships and generating different collaborations. Moreover, the innovations are
models, services and products that address various unmet necessities. It is a novel solution to any
social issue, which is more sustainable, efficient and effective apart from being an existing solution.
Here, the value generated accrues mainly to society, instead of a private one. Besides, this
innovation is coped up with industry 4.0. Social innovation has been related to every societal and
social issues and demands where any kind of innovation is helpful to procure the development on the
basis of progress and newness. This is the new way to address the necessities and solve challenges
through determining latest idea or social structures. This induces the shift towards the demand-pull
model. Here the solutions are been found to be adapted by huge number of people participating in
development with an explicit concentration over social interactions.
The industry 4.0 refers to the present trend of data exchange and automation in various
manufacturing innovations. This involves cognitive computing, cloud computing. Internet of Things
and cyber-physical systems. Further, it is also indicated as the fourth industrial revolution. With the
advent of this latest digital industrial technology or industry 4.0, there is a transformation possible to
collect and investigate information around more flexible, enabling quicker, machines and more
effective methods. This is create more higher-quality good at lesser expenses. Further, this
revolution in manufacturing has risen the productivity, fostered industrial growth, shift economic

3SOCIAL INNOVATION AND INDUSTRY
and change the workforce profile. This has ultimately changed the competitiveness of regions and
companies.
1.1.1. Gap analysis:
Regarding social innovations there are promising emergence of effect of market forces,
investing that has never pushed mainstream capital in the field of social innovations. Then the social
innovation funders has been drawing the novelty of the idea stage. Thirdly, there are scaling of social
innovations within the long-term processes. This is rare for funders to develop multi-year
commitments and stands by leaders. This s done through ups and downs coming with efforts for
creating the long-term changes.
Besides, for innovation 4.0 it is found that IoT is a primary concern. There are skills and
educations of workers needed for working over industry 4.0 on the basis of processes required to get
developed. Besides, there are redundant workers under corporate IT department and thus adopting
industry 4.0 is an important threat for the IT staffs. Besides, there are common reluctance for
changing the industry 4.0 by the stakeholders of the company. There, are necessities to eradicate
various IT snags as this results in expensive outages of the production.
1.2. Objectives:
The current study focuses on the following objectives.