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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). pp. 1-17. ISSN 0040-1625
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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