Principles of Machine Use Economy - Machine Economy

 

http://www.shenoyengineering.com/spm

https://www.rmit.edu.au/news/c4de/industry-4-0-design-principles

Conference Paper

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The Rise of the Machines: Conceptualizing the Machine Economy

June 2021

Conference: Twenty-fifth Pacific Asia Conference on Information Systems

At: Dubai, UAEProject: Managing Emerging Technologies in Organizations

Authors:

Jan Jöhnk, FIM Research Center

Tobias Albrecht, University of Bayreuth

Laurin Arnold, University of Bayreuth

Tobias Guggenberger, University of Bayreuth

https://www.researchgate.net/publication/352478781_The_Rise_of_the_Machines_Conceptualizing_the_Machine_Economy

We refer to machines as any material or digital artifact that creates or shapes the physical reality and the 

business activities therein (e.g., a production machine or a manufacturing execution system) 

(Baskerville et al. 2019).

RQ1: How can we conceptualize the machine economy?

RQ2: What are the roles and interrelations of its underlying technologies?

The authors posit the machine economy as a SAS network where focal technologies enable a shift of more autonomous economic decisions from human actors to (mostly) technological actors.

Considering the increasing number of connected devices and the increasing number of M2M communication in the IoT,  machines increase  in such a SAS network. While this trend entails higher levels of actors’ context-awareness and potential for adaptive measures (e.g., by gathering and levering sensor data), it also increases the level of interaction complexity between the actors (e.g., the amount of data available or interdependencies between machines or production processes). Thus, AI methods pledge to make use of the abundance of data to prepare and assist decision-making or even make autonomous decisions (Hofmann et al. 2020).  AI promises higher levels of self-adaptive measures that can cope with the increasing task complexity. Thus, both the actors and their decisions are highly decentralized in the machine economy, i.e., there is no such thing as a “central decision-making computer” but a network of (more or less) autonomous actors.