ABSTRACT. We draw on a substantial body of theoretical and empirical research on big data-driven decision-making processes, real-time advanced analytics, and cyber-physical production networks in Industry 4.0-based manufacturing systems, and to explore this, we inspected, used, and replicated survey data from BDV, Capgemini, Deloitte, McKinsey, MHI, and Siemens, performing analyses and making estimates regarding how a smart production planning and control system harnesses Internet of Things sensing networks and Internet of Things-based real-time production logistics by use of industrial big data analytics and machine learning algorithms. Descriptive statistics of compiled data from the completed surveys were calculated when appropriate.
JEL codes: D53; E22; E32; E44; G01; G41
Keywords: cyber-physical production network; smart manufacturing; big data
How to cite: Rogers, S., and Kalinova, E. (2021). “Big Data-driven Decision-Making Processes, Real-Time Advanced Analytics, and Cyber-Physical Production Networks in Industry 4.0-based Manufacturing Systems,” Economics, Management, and Financial Markets 16(4): 84–97. doi: 10.22381/emfm16420216.
Received 17 March 2021 • Received in revised form 12 December 2021
Accepted 15 December 2021 • Available online 20 December 2021