Industry 4.0
Vol. 8 (2023), Issue 4, pg(s) 135-139

BUSINESS & “INDUSTRY 4.0”

The impact of the crisis as an accelerator of changes in managerial decision-making on corporate culture in the era of Industry 4.0

  • 1 University of Economics in Bratislava, Bratislava, Slovak Republic

Abstract

Decision making is a key characteristic of a successful organisation and one of the most important roles of a manager. Decisionmaking plays an important role during times of crisis. Any condition, even a crisis, can be handled by a manager equipped with the appropriate crisis competencies. In the theory of managerial decision-making, the various procedures and tools are explained through normative and descriptive theories, which should form the basis of decision-making even in times of crisis. Uncertainty and complexity are significant predictors of decision-making practices in such conditions. From a normative perspective, the characteristics of decision-making in times of crisis include complexity, political aspect and formalisation. From the perspective of descriptive theories, attention is paid to the psychological aspects of decision making and the influence of behavioural economics on managers’ decision making. The Fourth Industrial Revolution, with its tools, supports decision-making. The creators of this support should try to reinforce the intended rationality of the target user and at the same time avoid introducing “irrationality” into the processes of analysis and decision making. Effective technologies must take into account the complex social and economic nature of decision-making. Related to this is a properly aligned corporate culture as a tool for implementing the changes and innovations needed to cope with the crisis. Changing corporate culture as a quick response to a crisis is, according to many authors, impossible. That is why there is talk of preparedness in the form of gradual introduction of Industry 4.0 tools in order to build a digital corporate culture that can support the introduction of necessary changes in enterprises in times of crisis. The aim of this paper is to examine the impact of the crisis on changes in managerial decision-making in the era of the fourth industrial revolution and to discuss what role corporate culture can play in crisis-induced changes.

Keywords

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