Preparedness of companies for digital transformation and creating a competitive advantage in the age of Industry 4.0

One of the biggest challenges that organizations are facing today is finding the proper way to shape competitive advantages in the age of Industry 4.0. This digital revolution forces companies to face specific challenges. The main purpose of this paper is to identify key requirements for the creation of a competitive advantage in the age of Industry 4.0 [CA. 4.0] The second purpose is to evaluate the level of organizations' preparedness for Digital Transformation [DX]. Studies based on a literature review describe requirements for organizations functioning in the age of Industry 4.0, especially in the area of DX and exploitation of Virtualization [V&DX].