Industry 4.0 is a designation for the automation of production and labour market changes that this will bring. It is based on the boom of digitization, robotization and automation. The Industry 4.0 concept brings the benefits of increasing productivity, reducing costs and making mistakes they result from the involvement of more sophisticated machines in all company processes. The aim of this article is to present the ongoing fourth Industrial revolution (Industry 4.0.) and the impact of innovations in the company. Implementation of innovations are presented, innovation cycle itself and innovations effect on companies. Industry 4.0 makes full use of emerging technologies and rapid development of machines and tools to cope with global challenges in order to improve industry levels. Also, concepts of innovation and digitization are currently a central task for future competitiveness. Therefore, companies are establishing brand new departments focused on innovations in Industry 4.0. Industry 4.0 and digital transformation bring new opportunities in the areas of customer search, improving product offerings, and new opportunities for creating and delivering value, thus opening up new ways to create profit. First part theoretically describes various approaches to this problematic, description of four industrial revolutions and Industry 4.0. itself. Next implementation of innovations is presented, innovation cycle itself and innovations effect on companies. The last part of the article covers innovations in context of Industry 4.0. (both methods and technology) within the automotive industry. Main impact of the work is that this article puts in correlation both importance of the ongoing fourth industrial revolution with innovations in the company. It is very interesting, that these innovations with modern technologies help companies to operate more effectively.