Barriers to industry 4.0 adoption and its performance implications: An empirical investigation of emerging economy (original) (raw)

Industry 4.0: Limitation or benefit for success?

Serbian Journal of Management

The fourth industrial revolution is a significant driving force framing companies' digital, social, and economic needs. This concept considerably influences the outcomes of businesses by increasing cost-effectiveness, quality, and effectiveness. However, studies on performance outcomes of Industry 4.0 in Serbia are still scarce. The available literature mainly deals with papers that observe Industry 4.0 from only one point of view, most often positive or negative effects on business success. A literature gap was observed that would fulfil the observed Industry 4.0 from two opposite aspects, positive or negative. To overcome the literature gap, this paper aims to observe if Industry 4.0 is perceived as facilitating or limiting for business success. The study provides a more objective approach to observing and decision-making in Industry 4.0 acceptance. To support this contribution, the paper provide a deeper analysis of the factors that impact the financial, operational, and stra...

Critical Factors of Industry 4.0 Implementation in an Emerging Country: Empirical Study

2021

The concept of Industry 4.0 is becoming more and more popular all over the world. The implementation of its assumptions in business practice changes the way companies operate. The enormous innovative potential of the Industry 4.0 concept and the intensive use of processes based on the implementation of advanced technologies in its assumptions have an impact on various industries in each country. The article attempts to analyze the critical factors for the implementation of Industry 4.0 in Kazakhstan. Primary and secondary data sources were used for this purpose. The majority of existing government initiatives and reports do not reflect the actual situation. Additionally, these materials do not always represent the experiences or positions of all the parties involved. Opinions of companies and organizations implementing Industry 4.0 solutions remain unexplored. The primary goal of the paper is to fill the cognitive gap by analyzing stakeholder responses and identifying the actual lev...

Management of Industry 4.0 -reviewing intrinsic and extrinsic adoption drivers and barriers

The adoption of Industry 4.0 (I4.0) being a global technology advancement have challenged the adoption decision of stakeholders due to inadequate management strategies provided in the current literature. As a result, there exists a disparity of perception among organisations of whether or not the adoption of I4.0 should be pursued. As a part of this management strategy, this paper attempts to review drivers and barriers and characterise each as being intrinsic or extrinsic. Furthermore, these drivers and barriers are categorised according to technological, economic and regulatory, and social factors. As such, the nature of management strategy can be well-established to aid stakeholders in developing appropriate I4.0 programs and initiatives.

Industry 4.0 adoption key factors: an empirical study on manufacturing industry

Journal of Advances in Management Research, 2020

PurposeThis research aims to outline the key factors responsible for industry 4.0 (I4.0) application in industries and establish a factor stratification model.Design/methodology/approachThis article identifies the factor pool responsible for I4.0 from the extant literature. It aims to identify the set of key factors for the I4.0 application in the manufacturing industry and validate, classify factor pool using appropriate statistical tools, for example, factor analysis, principal component analysis and item analysis.FindingsThis study would shed light on critical factors and subfactors for implementing I4.0 in manufacturing industries from the factor pool. This study would shed light on critical factors and subfactors for implementing I4.0 in manufacturing industries. Strategy, leadership and culture are found key elements of transformation in the journey of I4.0. Additionally, design and development in the digital twin, virtual testing and simulations were also important factors to...

Consequences of Industry 4.0 in Business and Economics

Economies

The introduction of information technology into all aspects of our lives has brought forth qualitative and quantitative changes on such a large scale that this process has come to be known as the Fourth Industrial Revolution, or Industry 4.0. The aim of this paper is to fill in the gaps and provide an overview of studies dealing with Industry 4.0 from the business and economic perspectives. A scoping review is performed regarding business, microeconomic and macroeconomic economic problems. Four investigators performed a literature search of the Web of Science, Scopus, and Science Direct. The selected period spanned from 2014 to 2018, and the following keywords were used for the search: Industry 4.0, economics, economic development, production economics, and financial sector. A total of 2275 results were returned. In all, 67 full papers were screened. Results obtained from the relevant studies were, furthermore, divided into the following categories: work and skills development; econ...

Key factors affecting Industry 4.0 adoption: An empirical study in Hungarian manufacturing companies

Geographia Polonica

Over the past decade, Industry 4.0 technologies have spread in space and time to varying extents, this being influenced by many factors. Evaluating some of these is the main aim of this study, as they have received little attention so far. Based on the experiences of empirical research (questionnaire survey) carried out in a peripherally located, traditional industrial area of Hungary and using statistical methods, the main significance of the study is that it highlights that sectoral affiliation, the internal organisation of companies and the geographical location of their sites, as well as their social and economic environment, all contribute to the intensity of technological change.

Embracing Industry 4.0: Empirical Insights from Malaysia

Informatics, 2021

Industry 4.0 revolution, with its cutting-edge technologies, is an enabler for businesses, particularly in reducing the cost and improving the productivity. However, a large number of organizations are still too in their infancy to leverage the true potential of Industry 4.0 and its technologies. This paper takes a quantitative approach to reveal key insights from the companies that have implemented Industry 4.0 technologies. For this purpose, 238 technology companies in Malaysia were studied through a survey questionnaire. As technology companies are usually the first in line to adopt new technologies, they can be studied better as leaders in adopting the latest technologies. The findings of this descriptive study surfaced an array of insights in terms of Industry 4.0 readiness, Industry 4.0 technologies, leadership, strategy, and innovation. This research paper contributes by providing 10 key empirical insights on Industry 4.0 that can be utilized by managers to pace up their effo...