Industry 4.0 or the fourth industrial revolution describes new technological advances that change production, logistics and supply chains by involving all stakeholders in the business process and process of creating value within the virtual and physical world through a variety of methods and technologies. Industry 4.0 can also be interpreted as the application of digitalization, the Internet of Things, smart factories, and as the connection of machines, products and tools in order to increase efficiency, flexibility, competitiveness of production, and to increase the connectivity of products and customers. Its application aims to achieve mutual communication of products, production processes, devices and machines independently of human. This paper describes various implementation possibilities of Industry 4.0. Successful implementation of Industry 4.0 in companies requires employees that are aware of the benefits it brings, continuous employee education, constant improvement of business processes and high digitalization of business. Innovative technologies of industry 4.0 like Internet of Things, Artificial Intelligence, robotics, nanotechnology, autonomous vehicles, cloud computing or 3D printing are connected and attached to each other and their common prerequisite is the development of a strong internet network. It is concluded that the benefits of implementing Industry 4.0 in all segments of people's business and private lives are significant and contribute to the local, regional and global economic level. Since it has an impact on the entire economy, in order to make implementation easier for companies, state assistance is also needed with an elaborated development strategy and a quality action plan and financial support.