Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...

About ten years ago, a bold vision with prospect of largely autonomous factories the future digitized processes, data-driven smart applications, and seamlessly integrated supply chains was born quickly became known as Industry 4.0 or aka 4th Industrial Revolution. A true game-changer, has revolutionized possibilities advanced manufacturing across sector at large. However, advancement chain mana...