TRANSNATIONAL COMPANIES` PRODUCT DEVELOPMENT IN INDUSTRY 4.0

Abstract

The article deals with the features of product development of transnational companies in the conditions of the Fourth Industrial Revolution. The main trends of changes in the product life cycle in conditions of uncertainty and risks are highlighted. The need for new scientific approaches to determining the product development strategy of transnational companies in the context of Industry 4.0 is emphasised. The process of product development based on the needs, wants, and wishes of customers has gained attention since the shift of the main focus from direct production to the causes of consumption, the manifestation of utility, and the marginal utility of the product. This process is important for determining the ways of increasing the efficiency of TNCs` activity in the conditions of Industry 4.0. The main fields of product development in the conditions of Industry 4.0 are highlighted in the article. The existing scientific approaches to the evaluation of the changes of product life cycle are analysed. The important task to assess these opportunities using the examples of transnational companies is interpreted in this research. The phenomenon of transnational companies increasing the length of product life cycle when using the capital expansion on the markets of other countries is described in the article. The advantages of cooperation between startup companies and transnational corporations are identified. It is noted that the speed of product scaling is increasing under the conditions of the Fourth Industrial Revolution; this statement is especially true for new products in the field of information and communication technologies. The key performance indicators and preferences of the transnational companies in product development are presented. The digital transformation of companies combines numerous initiatives for advanced analysis, cyber security, digitalization, automation, and communication in the development of Industry 4.0 elements is discussed. New principles of transnational companies` product development in the conditions of Industry 4.0 are reflected.