Adopting new technology is a distant dream? The risks of implementing industry 4.0 in emerging economy SMEs
Adopting new technology is a distant dream? The risks of implementing industry 4.0 in emerging economy SMEs
Manufacturing organisations worldwide are embracing Industry 4.0 (I4.0) and its associated technologies, such as the Internet of Things (IoT), Advanced Robotics, Big Data, and Cybersecurity. However, its implementation poses considerable risks for SMEs in emerging economies. Based on a survey of industry experts and business leaders associated with implementing I4.0 in the dynamically evolving economy of India, this paper identifies and prioritises the critical risks linked with implementing I4.0 in SMEs. Empirical results using the Fuzzy-Analytical Hierarchy Process suggest a hierarchy of risks associated with SMEs' transition to I4.0, with financial and technological risks posing the most significant barriers to I4.0 adoption. The novel results presented here can enable strategy development to effectively manage the risks of implementing new technologies in emerging economy contexts.
Digitalisation, Fuzzy-AHP, Industry 4.0, Risks, SMEs
Tamvada, Jagannadha Pawan
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Narula, Sanjiv
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Audretsch, David
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Puppala, Harish
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Kumar, Anil
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December 2022
Tamvada, Jagannadha Pawan
767d0374-3cc1-4822-adb6-f22b7a1f6531
Narula, Sanjiv
a2ce090c-c6ec-4421-8cc0-d8605ba77553
Audretsch, David
3c2c79f4-066c-4cfc-88d6-50398d49b62e
Puppala, Harish
a549d602-402a-4727-b700-e8ac7c781e8a
Kumar, Anil
c2cda1d5-6f15-420c-b28e-f01d906ce2bf
Tamvada, Jagannadha Pawan, Narula, Sanjiv, Audretsch, David, Puppala, Harish and Kumar, Anil
(2022)
Adopting new technology is a distant dream? The risks of implementing industry 4.0 in emerging economy SMEs.
Technological Forecasting and Social Change, 185, [122088].
(doi:10.1016/j.techfore.2022.122088).
Abstract
Manufacturing organisations worldwide are embracing Industry 4.0 (I4.0) and its associated technologies, such as the Internet of Things (IoT), Advanced Robotics, Big Data, and Cybersecurity. However, its implementation poses considerable risks for SMEs in emerging economies. Based on a survey of industry experts and business leaders associated with implementing I4.0 in the dynamically evolving economy of India, this paper identifies and prioritises the critical risks linked with implementing I4.0 in SMEs. Empirical results using the Fuzzy-Analytical Hierarchy Process suggest a hierarchy of risks associated with SMEs' transition to I4.0, with financial and technological risks posing the most significant barriers to I4.0 adoption. The novel results presented here can enable strategy development to effectively manage the risks of implementing new technologies in emerging economy contexts.
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Accepted/In Press date: 28 September 2022
e-pub ahead of print date: 20 October 2022
Published date: December 2022
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© 2022 The Authors
Keywords:
Digitalisation, Fuzzy-AHP, Industry 4.0, Risks, SMEs
Identifiers
Local EPrints ID: 470003
URI: http://eprints.soton.ac.uk/id/eprint/470003
ISSN: 0040-1625
PURE UUID: 9772099b-cdf3-4b12-9ff1-86acf3e80443
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Date deposited: 30 Sep 2022 16:31
Last modified: 17 Mar 2024 03:33
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Contributors
Author:
Sanjiv Narula
Author:
David Audretsch
Author:
Harish Puppala
Author:
Anil Kumar
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