Industry 4.0 Benefits, Challenges, Critical Success Factors: Comparative analysis through the lens of Resource Dependence Theory across continents and economies
|Authors||Antony, J., Sony, M., Garza-Reyes, J., McDermott, O., Tortorella, G., Jayaraman, R., Sucharitha, R. S., Salentijin , W. and Maalouf, M.|
Purpose: As we enter a new era of digital transformation, Industry 4.0 promises to revolutionize the way we do business, providing unprecedented opportunities and challenges. This study aims to investigate empirically and comparatively analyse the benefits, challenges, and critical success factors of Industry 4.0 (I 4.0) across four continents and developing and developed economies.
Methodology: This study employed an online survey to explore the benefits, challenges, and critical success factors of developed and developing economies. In order to ensure the validity of the survey, a pilot test was conducted with 10 respondents. A total of 149 participants with senior managerial, vice-presidential, and directorial positions from developed and developing economies spanning four continents were invited to take part in the survey.
Findings: The study ranks benefits, challenges and CSFs across economies and continents. Further, the benefit of Industry 4.0 helping to achieve organizational efficiency and agility differed across the developing and developed economies. Further, the benefit improves customer satisfaction significantly differed across continents; in terms of challenges, Employee resistance to change had a higher proportion in developing economies. Future viability of Industry 4.0 also differed across the continents. Regarding CSFs, there was no difference across the developing and developed economies. Finally, change management and project management vary across the continents.
Implications: This study contributes to a balanced understanding of Industry 4.0 by providing empirical evidence for a comparative analysis. Moreover, it extends the concept of Resource- Dependent Theory (RDT) to explain how organizations in developing economies and developed economies deploy resources to manage external condition uncertainties to implement Industry 4.0. Furthermore, this study provides a structural framework to understand the specific benefits, challenges, and critical success factors of implementing Industry 4.0, which can be utilized by policymakers to promote Industry 4.0 in their economies or continents.
Originality of Value: As far as our knowledge goes, no studies have empirically demonstrated the comparative analysis of benefits, challenges and CSFs across economies and continents and distinguish an original contribution of our work.
|Keywords||Industry 4.0; Competitive advantage; Company Performance|
|Journal||Journal of Manufacturing Technology Management|
|Journal citation||pp. 1-25|
|Publisher||Emerald Group Publishing|
|Digital Object Identifier (DOI)||https://doi.org/10.1108/JMTM-10-2022-0371|
|Web address (URL)||https://www.emerald.com/insight/content/doi/10.1108/JMTM-10-2022-0371/full/html|
|Accepted author manuscript|
File Access Level
|Online||21 Jun 2023|
|Publication process dates|
|Accepted||31 May 2023|
|Deposited||20 Jun 2023|
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