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92-461: Trumpf SE + Co. KG is a German family-owned company based in Ditzingen near Stuttgart , Baden-Württemberg . It originates from Julius Geiger's mechanical workshop. The Trumpf and Leibinger families transformed the medium-sized company into a globally recognized industrial group. Today, the company is one of the world’s largest suppliers of machine tools and a leader in laser technology. Trumpf

184-532: A family business will also show maturity of the business. If all the shares rest with one individual, a family business is still in its infant stage, even if the revenue is strong. Fourth Industrial Revolution " Fourth Industrial Revolution ", " 4IR ", or " Industry 4.0 " is a neologism describing rapid technological advancement in the 21st century. It follows the Third Industrial Revolution (the "Information Age"). The term

276-533: A family firm in case a family controls more than 50% of the voting rights. For a publicly listed firm, a firm is classified as a family firm in case the family holds at least 32% of the voting rights. Family owned businesses account for over 30% of companies with sales over $ 1 billion. In a family business, two or more members within the management team are drawn from the owning family. Family businesses can have owners who are not family members. Family businesses may also be managed by individuals who are not members of

368-403: A founder intends to transfer ownership in the family business to their four children, two of whom work in the business, how do they balance these unequal differences? The four siblings need a system to do this themselves when the founder is no longer involved. The third situation is when there are multiple owners and some or all of the owners are not in management. Given the situation above, there

460-467: A green, AI-powered and human-centric digital government. Another example is Making Indonesia 4.0, with a focus on improving industrial performance. India, with its expanding economy and extensive manufacturing sector, has embraced the digital revolution, leading to significant advancements in manufacturing. The Indian program for Industry 4.0 centers around leveraging technology to produce globally competitive products at cost-effective rates while adopting

552-678: A high degree of autonomy. The value created in Industry 4.0, can be relied upon electronic identification, in which the smart manufacturing require set technologies to be incorporated in the manufacturing process to thus be classified as in the development path of Industry 4.0 and no longer digitisation . The Fourth Industrial Revolution fosters "smart factories", which are production environment where facilities and logistics systems are organised with minimal human intervention. The technical foundations on which smart factories are based are cyber-physical systems that communicate with each other using

644-684: A human can), making large investments in data centers and GPUs to train more capable AI models. Humanoid robots have traditionally lacked usefulness. They had difficulty picking simple objects due to imprecise control and coordination, and they wouldn't understand their environment and how physics works. They were often explicitly programmed to do narrow tasks, failing when encountering new situations. Modern humanoid robots however are typically based on machine learning , in particular reinforcement learning . In 2024, humanoid robots are rapidly becoming more flexible, easier to train and versatile. Industry 4.0 facilitates predictive maintenance , due to

736-568: A major initiative to foster the Industry 4.0 topic. In Estonia, the digital transformation dubbed as the 4th Industrial Revolution by Klaus Schwab and the World Economic Forum in 2015 started with the restoration of independence in 1991. Although a latecomer to the information revolution due to 50 years of Soviet occupation , Estonia leapfrogged to the digital era, while skipping the analogue connections almost completely. The early decisions made by Prime Minister Mart Laar on

828-458: A prime source of wealth creation and employment. In some countries, many of the largest publicly listed firms are family-owned. A firm is said to be family-owned if a person is the controlling shareholder; that is, a person (rather than a state, corporation, management trust, or mutual fund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage of voting rights in comparison to other shareholders. Some of

920-514: A recruitment target of Huawei . Trumpf operates internationally, with a strong presence in major markets across Europe, America, and the Asia-Pacific region. As of the 2021/22 fiscal year, the company has 86 subsidiaries worldwide. Its production facilities are located in several countries, including Germany, China, France, the UK, Mexico, and Switzerland. In Germany, Trumpf has traditionally had

1012-481: A result, production quickly resumed after the end of the war. By 1950, Trumpf was generating more than one million DM in sales revene. The rapid growth of German economics across all industries boosted demand. During the 60s and 70s, the company was no longer focused mainly on flexible shafts and electric hand shears. The foreign customer base that Trumpf built up through its presence at international trade fairs also contributed to growth. The first foreign subsidiary

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1104-803: A strong presence in Baden-Württemberg, where 8 of its 14 domestic locations are situated. Over 8,000 employees work for Trumpf in Germany, representing half of the company's global workforce. Despite this, the Asia-Pacific region is a key market, generating around a quarter of the company's total revenue. In 2013, Trumpf was awarded the German Future Prize (de: Deutscher Zukunftspreis) for its collaboration with Robert Bosch , researchers from Fraunhofer IOF , and Friedrich Schiller University Jena in developing an ultrashort pulse laser for industrial mass production. In 2020, Trumpf received

1196-556: A wider notion of a Fourth Industrial Revolution of 4IR, which promotes the computerisation of manufacturing. The term "Industrie 4.0" was publicly introduced in the same year at the Hannover Fair . Renowned German professor Wolfgang Wahlster is sometimes called the inventor of the " Industry 4.0 " term. In October 2012, the Working Group on Industry 4.0 presented a set of Industry 4.0 implementation recommendations to

1288-594: Is Peter Leibinger. Other known members are Regine Leibinger and Rainer Neske. The operational business of the Trumpf group is organized into two divisions for machine tools and laser technology . In addition, there are four operating divisions for high-power lasers, additive manufacturing, laser diodes, and financial services. Trumpf has traditionally focused on the flexible processing of sheet metal and tubes. Its portfolio includes machines and systems for cutting, punching, bending and welding. These machines are used in

1380-595: Is a concrete IT and application landscape to support further digital transformation efforts. The characteristics of the German government's Industry 4.0 strategy involve the strong customisation of products under the conditions of highly flexible (mass-) production. The required automation technology is improved by the introduction of methods of self-optimization, self-configuration, self-diagnosis, cognition and intelligent support of workers in their increasingly complex work. The largest project in Industry 4.0 as of July 2013

1472-446: Is a higher chance that the interests of the two off-spring not employed in the family business may be different from the interests of the two who are employed in the business. Their potential for differences does not mean that the interests cannot be aligned, it just means that there is a greater need for the four owners to have a system in place that differences can be identified and balanced. There appear to be two main factors affecting

1564-464: Is characterized by the shift to an economy centered on information technology , marked by the advent of personal computers, the Internet , and the widespread digitalization of communication and industrial processes. A book titled The Third Industrial Revolution , by Jeremy Rifkin , was published in 2011, which focused on the intersection of digital communications technology and renewable energy. It

1656-520: Is fine, as long as they continue to be managed by people who are steeped in the traditions, or at least able to adapt to them. Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family. Some of the skill sets that might be needed include communication, conflict resolution , family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning . Ownership in

1748-404: Is made public about financial performance. Ownership may be distributed through trusts or holding companies, and family members themselves may not be fully informed about the ownership structure of their enterprise. However, as the 21st-century global economic model replaces the old industrial model, government policy makers, economists, and academics turn to entrepreneurial and family enterprises as

1840-577: Is no systemic change so far. In addition, the pace of recognition of Industry 4.0 and policy transition varies across countries; the definition of Industry 4.0 is not harmonised. One of the most known figures is Jeremy Rifkin who "agree[s] that digitalization is the hallmark and defining technology in what has become known as the Third Industrial Revolution". However, he argues that "that the evolution of digitalization has barely begun to run its course and that its new configuration in

1932-469: Is often used to show the three principal roles in a family-owned or -controlled organization: Family, Ownership and Management. This model shows how the roles may overlap. Everyone in the family (in all generations) obviously belongs to the Family circle, but some family members will never own shares in the family business, or ever work there. A family member is concerned with social capital (reputation within

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2024-558: Is one of the most well-known representatives of the German ' Mittelstand .' Christian Trumpf bought Julius Geiger's mechanical workshop in Stuttgart, Germany in 1923. The company initially produced flexible shafts . These were used to drive drills and other tools. Following the development of a motorized drive, the shafts were increasingly used in industry, for example in metal and woodworking . The first motorized hand shears for cutting sheet metal were introduced by Trumpf in 1934. In

2116-405: Is redefining production processes and reducing changeover times. AI could also significantly accelerate, or even automate software development . Some experts believe that AI alone could be as transformative as an industrial revolution. Multiple companies such as OpenAI and Meta have expressed the goal of creating artificial general intelligence (AI that can do virtually any cognitive task

2208-422: Is said to have extensive dependency on 3D printing technology. Some advantages of 3D printing for industry are that 3D printing can print many geometric structures, as well as simplify the product design process. It is also relatively environmentally friendly. In low-volume production, it can also decrease lead times and total production costs. Moreover, it can increase flexibility, reduce warehousing costs and help

2300-609: Is still located there today. As Christian Trumpf had no children, he appointed Hugo Schwarz as commercial director in 1953. Berthold Leibinger was appointed technical director in 1966. Leibinger gradually bought out the Trumpf’s shares, so that by 1972, Leibinger and Schwarz were the sole shareholders. When Trumpf died in 1977, Leibinger succeeded him, becoming CEO in 1978. Under Leibinger's leadership, many innovations were developed. The first sheet-metal working machine with numerical path control attracted worldwide attention. This machine

2392-488: Is that family, ownership, and business roles involve different and sometimes conflicting values, goals, and actions. For example, family members put a high priority on emotional capital—the family success that unites them through consecutive generations. Executives in the business are concerned about strategy and social capital—the reputation of their firm in the marketplace. Owners are interested in financial capital—performance in terms of wealth creation. A three-circles model

2484-695: Is the German Federal Ministry of Education and Research (BMBF) leading-edge cluster "Intelligent Technical Systems Ostwestfalen-Lippe (its OWL)". Another major project is the BMBF project RES-COM, as well as the Cluster of Excellence "Integrative Production Technology for High-Wage Countries". In 2015, the European Commission started the international Horizon 2020 research project CREMA (cloud-based rapid elastic manufacturing) as

2576-427: Is the case of smart watches, where sensors receive the data from the movement of the user, process the data and as a result, provide the user with the information about how many steps they have walked in a day and also converts the data into calories burned. Smart sensors in these two fields are still in the testing stage. These innovative connected sensors collect, interpret and communicate the information available in

2668-435: Is to recognise the issues that they face, understand how to develop strategies to address them and more importantly, to create narratives, or family stories that explain the emotional dimension of the issues to the family. The most intractable family business issues are not the business problems the organisation faces, but the emotional issues that compound them. Many years of achievement through generations can be destroyed by

2760-454: The German mechanical engineering industry. Leibinger played a key role in the company's rise to market leadership. In 2005, he moved from the managing board to the supervisory board, where he remained as chairman until 2012. His daughter, Nicola Leibinger-Kammüller , took over the management of Trumpf. Following Leibinger-Kammüller's installation, turnover has risen from around €1.5 billion in

2852-753: The World Economic Forum (WEF), introduced the phrase to a wider audience in a 2015 article published by Foreign Affairs . "Mastering the Fourth Industrial Revolution" was the 2016 theme of the World Economic Forum Annual Meeting , in Davos-Klosters, Switzerland. On 10 October 2016, the Forum announced the opening of its Centre for the Fourth Industrial Revolution in San Francisco. This

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2944-526: The internet of things , the industrial internet of things , decentralised consensus, fifth-generation wireless technologies , 3D printing , and fully autonomous vehicles . In The Great Reset proposal by the WEF, The Fourth Industrial Revolution is included as a strategic intelligence in the solution to rebuild the economy sustainably following the COVID-19 pandemic . The First Industrial Revolution

3036-432: The natural senses and industrial ability of humans alone. The Fourth Industrial Revolution is sometimes expected to mark the beginning of an imagination age , where creativity and imagination become the primary drivers of economic value. The phrase Fourth Industrial Revolution was first introduced by a team of scientists developing a high-tech strategy for the German government. Klaus Schwab , executive chairman of

3128-472: The 1920s, the company grew to more than 70 employees. In 1933, the administrative and production headquarters were moved to Weilimdorf , a suburb of Stuttgart. To reflect the change in ownership, the company name was changed to Trumpf & Co. in 1937. The new name was used with the additional text "formerly Julius Geiger" for a few years after the change. During the 1930s and 1940s, Trumpf manufactured mainly flexible shafts and electric hand shears. The company

3220-414: The 2005/06 financial year to €5.4 billion (2022/23). Leibinger-Kammüller broadened the group's base by setting up a bank and expanding software development capabilities. More recently the company has further developed into Industry 4.0 positioning itself in the areas of smart factories, quantum technology and 3D printing . The holding company Trumpf SE + Co. KG is the organizational umbrella under which

3312-399: The 2010s, and its impact intensified in the 2020s with the rise of generative AI , a period often referred to as the " AI boom ". Models like GPT-4o can engage in verbal and textual discussions and analyze images. AI is a key driver of Industry 4.0, orchestrating technologies like robotics, automated vehicles, and real-time data analytics. By enabling machines to perform complex tasks, AI

3404-529: The 20th century, academics and economists were intrigued by a newer, “improved” model: large publicly traded companies run in an apparently rational, bureaucratic manner by well trained “organization men.” Entrepreneurial and family firms, with their specific management models and complicated psychological processes, often fell short by comparison. Privately owned or family-controlled enterprises are not always easy to study. In many cases, they are not subject to financial reporting requirements, and little information

3496-883: The Doris Leibinger Stiftung, another foundation established by the Leibinger family, to further expand its philanthropic activities. The managing board of Trumpf consists of seven persons (as of July 2023); the chairwoman is Nicola Leibinger-Kammüller. The other members are Mathias Kammüller (Chief Digital Officer), Lars Grünert (Chief Financial Officer), Berthold Schmidt (Chief Technology Officer) and Oliver Maassen (Chief Humar Resources officer) as well as Stephan Mayer (machine tool division) and Hagen Zimer (laser technology division). The supervisory board of Trumpf consists of an equal number of shareholder and employee representatives. It consists of twelve members (as of July 2023); four of which are women. The chairman

3588-532: The German Future Prize again, this time for its groundbreaking contribution to the production of modern microchips using EUV (extreme ultraviolet) lithography. This achievement was the result of a partnership with ASML, Zeiss, and Fraunhofer IOF. In 2020, Trumpf was awarded the Hermes Award for its development of the "Omlox" standard. This standard allows for the technology- and manufacturer-independent provision of location data. The development of Omlox involved

3680-707: The German federal government. The workgroup members and partners are recognised as the founding fathers and driving force behind Industry 4.0. On 8 April 2013 at the Hannover Fair, the final report of the Working Group Industry 4.0 was presented. This working group was headed by Siegfried Dais, of Robert Bosch GmbH , and Henning Kagermann, of the German Academy of Science and Engineering . As Industry 4.0 principles have been applied by companies, they have sometimes been rebranded. For example,

3772-562: The Internet of Things and Services. An important part of this process is the exchange of data between the product and the production line. This enables a much more efficient connection of the Supply Chain and better organisation within any production environment. Within modular structured smart factories, cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralised decisions. Over

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3864-568: The Technological Revolution, is the period between 1871 and 1914 that resulted from installations of extensive railroad and telegraph networks, which allowed for faster transfer of people and ideas, as well as electricity. Increasing electrification allowed for factories to develop the modern production line . The Third Industrial Revolution, also known as the Digital Revolution, began in the late 20th century. It

3956-672: The Trumpf group operates. All investments are consolidated at the group level. Trumpf has more than 80 operating subsidiaries. Trumpf is wholly owned by the Leibinger family (90%) and the Berthold Leibinger Stiftung, foundation (10%). There have been no non-family shareholders since 2003. The Berthold Leibinger Stiftung is a key element of Trumpf's social responsibility efforts. The foundation supports non-profit, charitable, and church organizations, and also undertakes its own sponsorship projects in areas such as culture, science, church, and social welfare. It collaborates with

4048-400: The additional planning task of balancing family and business demands. There are five critical issues where the needs of the family and the demands of the business overlap—and require parallel planning action to ensure that business success does not create a family or business disaster. Fairness is a fundamental issue in family business decision-making. Solutions that are perceived as fair by

4140-572: The adoption of Industry 4.0 technologies. For example, Australia has a Digital Transformation Agency (est. 2015) and the Prime Minister's Industry 4.0 Taskforce (est. 2016), which promotes collaboration with industry groups in Germany and the USA. The term "Industrie 4.0", shortened to I4.0 or simply I4, originated in 2011 from a project in the high-tech strategy of the German government and specifically relates to that project policy, rather than

4232-459: The aerospace parts manufacturer Meggitt PLC has branded its own Industry 4.0 research project M4. The discussion of how the shift to Industry 4.0, especially digitisation , will affect the labour market is being discussed in Germany under the topic of Work 4.0 . The federal government in Germany through its ministries of the BMBF and BMWi, is a leader in the development of the I4.0 policy. Through

4324-477: The automotive, energy, aerospace and medical technology industries. High-power laser amplifiers also play a central role in the manufacture of microchips . They are used to generate a plasma that provides the extreme ultraviolet (EUV) radiation for exposing wafers . The portfolio also includes laser diodes, which are used in smartphones or battery components of electrified cars, for example. Employees knowledgeable about Trumpf's laser amplifier technology have been

4416-466: The business requires those to stay competitive, the interests of the entire family and the business are not aligned. Nepotism has been listed as a problem with family businesses. Forbes writes that "nepotism in family businesses is a phenomenon that has been present for centuries" and that it is "prevalent" in such businesses. Nepotism-based favouritism contributes to a poorer workplace atmosphere and tension, which can impact worker contributions to

4508-451: The business. Involving someone else to manage the company requires the founder to be more conscious and formal in balancing personal interests with the interests of the business because they can no longer do this alignment automatically—someone else is involved. The second situation is when more than one person owns the business and no single person has the power and support of the other owners to determine collective interests. For example, if

4600-467: The case of exceptions, interference, or conflicting goals, are tasks delegated to a higher level. Proponents of the Fourth Industrial Revolution suggest it is a distinct revolution rather than simply a prolongation of the Third Industrial Revolution. This is due to the following characteristics: Critics of the concept dismiss Industry 4.0 as a marketing strategy. They suggest that although revolutionary changes are identifiable in distinct sectors, there

4692-521: The collaboration of over 60 industrial companies. In 2022, Forbes included Trumpf on its list of the World's Best Employers. The Trumpf Group is recognised as an example of balancing economic interests with employee satisfaction, implementing measures such as annual working time accounts to support this balance. Family business A family business is the oldest and most common model of economic organization. The vast majority of businesses throughout

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4784-411: The combination of machine learning and computing power allows machines to carry out increasingly complex tasks. The Fourth Industrial Revolution has been defined as technological developments in cyber-physical systems such as high capacity connectivity; new human-machine interaction modes such as touch interfaces and virtual reality systems; and improvements in transferring digital instructions to

4876-519: The community), dividends, and family unity. The Ownership circle may include family members, investors and/or employee-owners. An owner is concerned with financial capital (business performance and dividends). The Management circle typically includes non-family members who are employed by the family business. Family members may also be employees. An employee is concerned with social capital (reputation), emotional capital (career opportunities, bonuses and fair performance measures). A few people—for example,

4968-516: The company towards the adoption of a mass customisation business strategy. In addition, 3D printing can be very useful for printing spare parts and installing it locally, therefore reducing supplier dependence and reducing the supply lead time. Sensors and instrumentation drive the central forces of innovation, not only for Industry 4.0 but also for other "smart" megatrends, such as smart production, smart mobility, smart homes, smart cities, and smart factories. Smart sensors are devices, which generate

5060-460: The course of the country's economic development led to the establishment of what is today known as e-Estonia , one of the worlds most digitally advanced nations . According to the goals set in the Estonia's Digital Agenda 2030, next leaps in the country's digital transformation will be switching to event based and proactive services, both in private and business environment, as well as developing

5152-439: The data and allow further functionality from self-monitoring and self-configuration to condition monitoring of complex processes. With the capability of wireless communication, they reduce installation effort to a great extent and help realise a dense array of sensors. The importance of sensors, measurement science, and smart evaluation for Industry 4.0 has been recognised and acknowledged by various experts and has already led to

5244-433: The development of family business and succession process: the size of the family, in relative terms the volume of business, and suitability to lead the organization, in terms of managerial ability, technical and commitment. Arieu proposed a model in order to classify family firms into four scenarios: political, openness, foreign management and natural succession . Potential successors who had professional experience outside

5336-424: The differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work. Family-owned companies present special challenges to those who run them. They can be quirky, developing unique cultures and procedures as they grow and mature. That

5428-414: The family and business stakeholders are more likely to be accepted and supported. Fair process helps create organizational justice by engaging family members, whether as owners and employees, in a series of practical steps to address and resolve critical issues. Fair process lays a foundation for continued family participation over generations. The challenge faced by family businesses and their stakeholders,

5520-409: The family business is basically owned and operated by one person, that person usually does the necessary balancing automatically. For example, the founder may decide the business needs to build a new plant and take less money out of the business for a period so the business can accumulate cash needed to expand. In making this decision, the founder is balancing his personal interests (taking cash out) with

5612-436: The family business may decide to leave the firm to found a new one, either with or without the support of the family. Instead, successors tend to be characterized by professional experience only within the family business. The education of potential successors is a critical issue in the succession process because it affects the endowment of managerial capabilities of the firm. If the succession process has been planned in advance,

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5704-428: The family enterprise. However, family participation as managers and/or owners of a business can present unique problems because the dynamics of the family system and the dynamics of the business systems are often not in balance. The interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement, but

5796-447: The family. However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers. In India, many businesses that are now public companies were once family businesses. Family participation as managers and/or owners of a business can strengthen the company because family members are often loyal and dedicated to

5888-415: The family. It is a useful tool for spotting relationship patterns across generations, and decrypting seemingly irrational behavior. Family myths—sets of beliefs that are shared by the family members—can play important defensive and protective roles in families. Myths help people cope with stress and anxiety and, by prescribing ritualistic behavior patterns, will enable them to establish a common front against

5980-463: The form of the Internet of Things represents the next stage of its development". The application of the Fourth Industrial Revolution operates through: Industry 4.0 networks a wide range of new technologies to create value. Using cyber-physical systems that monitor physical processes, a virtual copy of the physical world can be designed. Characteristics of cyber-physical systems include the ability to make decentralised decisions independently, reaching

6072-469: The founder or a senior family member—may hold all three roles: family member, owner and employee. These individuals are intensely connected to the family business, and concerned with any or all of the above sources of value creation. A genogram is an organization chart for the family. It is an enhanced family tree that shows not only family events like births and deaths, but also indicates the relationships (close, conflicted, cut-off, etc.) among individuals in

6164-423: The global production and supply network operates through ongoing automation of traditional manufacturing and industrial practices, using modern smart technology, large-scale machine-to-machine communication (M2M), and the Internet of things (IoT). This integration results in increasing automation, improving communication and self-monitoring, and the use of smart machines that can analyse and diagnose issues without

6256-419: The incumbent and successor usually show higher levels of satisfaction. Particularly important is the incumbent’s willingness to step down. The incumbent gradually gives away his power to the successor. This happens step by step and may take several years. Such a transfer of power can take the form of the incumbent providing the successor with entrepreneurial resources that foster the firm's innovation. Eventually,

6348-402: The internet of things, cyber-physical systems communicate and cooperate with each other and with humans in synchronic time both internally and across organizational services offered and used by participants of the value chain . Artificial intelligence (AI) has a wide range of applications across all sectors of the economy. It gained prominence following advancements in deep learning during

6440-446: The latest technological advancements of Industry 4.0. Society 5.0 envisions a society that prioritizes the well-being of its citizens, striking a harmonious balance between economic progress and the effective addressing of societal challenges through a closely interconnected system of both the digital realm and the physical world. This concept was introduced in 2019 in the 5th Science and Technology Basic Plan for Japanese Government as

6532-739: The level of irrigation. The food industry requires more and more security and transparency and full documentation is required. This new technology is used as a tracking system as well as the collection of human data and product data. Knowledge economy is an economic system in which production and services are largely based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid obsolescence. Industry 4.0 aids transitions into knowledge economy by increasing reliance on intellectual capabilities than on physical inputs or natural resources. Challenges in implementation of Industry 4.0: Many countries have set up institutional mechanisms to foster

6624-432: The need for human intervention. It also represents a social, political, and economic shift from the digital age of the late 1990s and early 2000s to an era of embedded connectivity distinguished by the ubiquity of technology in society (i.e. a metaverse ) that changes the ways humans experience and know the world around them. It posits that we have created and are entering an augmented social reality compared to just

6716-429: The needs of the business (expansion). The assets that are owned by the family, in most family businesses, are hard to separate from the assets that belong to the business. Balancing competing interests often become difficult in three situations. The first situation is when the founder wants to change the nature of their involvement in the business. Usually the founder begins this transition by involving others to manage

6808-430: The next, if the family fails to address the psychological issues they face. Applying psychodynamic concepts will help to explain behaviour and will enable the family to prepare for life cycle transitions and other issues that may arise. Family-run organisations need a new understanding and a broader perspective on the human dynamics of family firms with two complementary frameworks, psychodynamic and family systematic. When

6900-436: The organisation. The interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the company. The challenge for business families

6992-467: The outside world. They provide a rationale for the way people behave, but because much of what makes up a family myth takes place deep beneath the surface, they also conceal the true issues, problems, and conflicts. Although these family myths can turn into a blueprint for family action, they can also turn into straitjackets, reducing a family's flexibility and capacity to respond to new situations. All businesses require planning, but business families face

7084-495: The physical world including robotics and 3D printing (additive manufacturing); " big data " and cloud computing; improvements to and uptake of Off-Grid / Stand-Alone Renewable Energy Systems: solar, wind, wave, hydroelectric and the electric batteries (lithium-ion renewable energy storage systems (ESS) and EV). It also emphasizes decentralized decisions – the ability of cyber physical systems to make decisions on their own and to perform their tasks as autonomously as possible. Only in

7176-434: The plots (leaf area, vegetation index , chlorophyll, hygrometry, temperature, water potential, radiation). Based on this scientific data, the objective is to enable real-time monitoring via a smartphone with a range of advice that optimises plot management in terms of results, time and costs. On the farm, these sensors can be used to detect crop stages and recommend inputs and treatments at the right time. As well as controlling

7268-584: The production of simple sheet metal parts, such as brackets, enclosures or housings, or for components of larger products manufactured, for example in machine and plant construction, commercial vehicles, air-conditioning technology and furniture construction. Laser technology is an alternative to sawing and milling. Trumpf manufactures carbon dioxide and solid-state lasers (disc and fiber lasers). These can be used to cut and weld metal and to mark and process surfaces with lasers. The company's continuous wave, short and ultrashort pulse lasers are used, for example, in

7360-419: The publishing of set objectives and goals for enterprises to achieve, the German federal government attempts to set the direction of the digital transformation. However, there is a gap between German enterprise's collaboration and knowledge of these set policies. The biggest challenge which SMEs in Germany are currently facing regarding digital transformation of their manufacturing processes is ensuring that there

7452-417: The statement "Industry 4.0: nothing goes without sensor systems." However, there are a few issues, such as time synchronisation error, data loss, and dealing with large amounts of harvested data, which all limit the implementation of full-fledged systems. Moreover, additional limits on these functionalities represents the battery power. One example of the integration of smart sensors in the electronic devices,

7544-534: The successor gains all the authority and influence while the incumbent steps down, leaves to company completely, or remains as an advisor (Handler, 1990) . An international body called International Council for Family Business (ICFB) having professor Alain Ndedi as Board of Trustees chairman, is assisting worldwide the private sector and non for profit organisations (Universities, Foundations, etc) to develop effective and successful planning process. Successfully balancing

7636-602: The use of advanced technologies, including IoT sensors. Predictive maintenance, which can identify potential maintenance issues in real time, allows machine owners to perform cost-effective maintenance before the machinery fails or gets damaged. For example, a company in Los Angeles could understand if a piece of equipment in Singapore is running at an abnormal speed or temperature. They could then decide whether or not it needs to be repaired. The Fourth Industrial Revolution

7728-413: The world's largest family-run businesses are Walmart (United States), Volkswagen Group (Germany), Samsung Group (Korea) and Tata Group (India). The "Global Family Business Index" comprises the largest 500 family firms around the globe. In this index—published for a first time in 2015 by Center for Family Business University of St. Gallen and EY —for a privately held firm, a firm is classified as

7820-544: The world—from corner shops to multinational publicly listed organizations with hundreds of thousands of employees—can be considered as family businesses. Based on research of the Forbes 400 richest Americans, 44% of the Forbes 400 member fortunes were derived by being a member of or in association with a family business. The economic prevalence and importance of this kind of business are often underestimated. Throughout most of

7912-473: Was a supplier to Elektron Co. of Bad Cannstatt, a manufacturer of compressed air systems. This company produced foot pumps that were also used in military aircraft . Trumpf employed around 100 people during the Second World War . A third of them were French forced laborers . Most of them came from Vierzon, south of Paris, France. The company's factories remained largely undamaged during the war. As

8004-423: Was also subject and title of Schwab's 2016 book. Schwab includes in this fourth era technologies that combine hardware, software, and biology ( cyber-physical systems ), and emphasises advances in communication and connectivity. Schwab expects this era to be marked by breakthroughs in emerging technologies in fields such as robotics , artificial intelligence , nanotechnology , quantum computing , biotechnology ,

8096-449: Was based on a patent for coordinate guidance that Trumpf had registered in 1957 as the result of Leibinger's diploma thesis. In 1985, Trumpf also introduced its first carbon-dioxide laser , which formed the basis for a further business division. In the 1980s and 1990s, Trumpf developed from a medium-sized, southwestern German, or Swabian , company into a global corporation. The company's strategy became an exceptional example of success for

8188-588: Was established in Switzerland in 1963. In 1969, the company entered the US market. In 1977, Trumpf entered the Japanese market. Trumpf products were sold in more than 100 countries. Trumpf continued to expand its production capacity to meet growing demand. In 1972, the company moved its headquarters to Ditzingen near Stuttgart, where new administration and production buildings were built. The company's head office

8280-423: Was made into a 2017 documentary by Vice Media . In essence, the Fourth Industrial Revolution is the trend towards automation and data exchange in manufacturing technologies and processes which include cyber-physical systems (CPS), Internet of Things (IoT), cloud computing , cognitive computing , and artificial intelligence . Machines improve human efficiency in performing repetitive functions, and

8372-660: Was marked by a transition from hand production methods to machines through the use of steam power and water power. The implementation of new technologies took a long time, so the period which this refers to was between 1760 and 1820, or 1840 in Europe and the United States. Its effects had consequences on textile manufacturing, which was first to adopt such changes, as well as iron industry, agriculture, and mining although it also had societal effects with an ever stronger middle class. The Second Industrial Revolution, also known as

8464-485: Was popularised in 2016 by Klaus Schwab , the World Economic Forum founder and executive chairman, who asserts that these developments represent a significant shift in industrial capitalism . A part of this phase of industrial change is the joining of technologies like artificial intelligence , gene editing , to advanced robotics that blur the lines between the physical, digital, and biological worlds. Throughout this, fundamental shifts are taking place in how

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