Advancement in technologies has changed the future of business in regard to how firms create value. Industrial revolution 4.0 (IR 4.0) includes cyber-physical systems, Internet of Things (IoT) and cloud computing that have changed manufacturing and society way of life. The changes are driven by four disruptions: (1) the reliance on data, computational power and connectivity; (2) emergence of data analytics and business-intelligence for decision making; (3) human-machine interaction, such as touch interfaces and augmented-reality system; and (4) improvement in transferring digital instructions to the physical world such as 3D printing and robotics. These disruptions have challenged firms and consumers to adopt changes for the best.
IR 4.0 will give rise to smart production, cyber-physical systems, decentralized decisions in organizations and the ability to create a virtual copy of the physical world. Amongst the challenges of IR 4.0 are: (1) IT security issues when upgrading and adopting new technology; (2) reliability of new technology; (3) maintaining the integrity of production processes; (4) unethical approach of business through advance technology adoption; (5) governance of industrial knowhow and control industrial files; (6) lack of skills to expedite IR 4.0; (7) threat of redundancy of the corporate IT department; (8) lack of top management support for change; and (9) job loss due to automation process. Thus, both private and public sectors need to be agile and ensure that governance and integrity are upheld in this challenging era.
The objectives of the conference are:
1. To examine the issues and challenges faced by both public and private sectors in good governance and integrity in regard to IR 4.0.
2. To discuss innovative approaches to overcome governance and integrity issues in industry and academia.