Open AccessIndustry 4.0: A Systematic Review of Surveys
Author(s) -
Manduth Ramchander
Publication year - 2019
Publication title -
southern african business review
Language(s) - English
Resource type - Journals
ISSN - 1998-8125
DOI - 10.25159/1998-8125/6032
Subject(s) - productivity , business , phenomenon , marketing , perception , set (abstract data type) , public relations , economics , economic growth , political science , psychology , physics , quantum mechanics , neuroscience , computer science , programming language
The advent of Industry 4.0 has heralded a new era for manufacturing, and hence, the aim of this study was to ascertain the extent to which the phenomenon is being embraced by businesses in different regions of the world. The primary objective of the study was to establish business executives’ perceptions on the extent to which their organisations are aware of and the extent to which their organisations would be influenced by Industry 4.0. The secondary objectives were to ascertain business executives’ perceptions regarding the areas of business that would be most impacted by Industry 4.0 and their organisation’s intention to invest in Industry 4.0. The methodology entailed a systematic literature review (SLR) of 10 industry surveys. The findings from the surveys were synthesised to reveal that there was generally a high degree of awareness regarding the Industry 4.0 phenomenon with the degree of influence being perceived to have the greatest impact on operational effectiveness, productivity and cost reduction. While most organisations have expressed intentions to invest in related technologies, this remains to be translated into equivalent levels of actual investments. The greatest challenge revolves around cyber security followed by the lack of appropriate skills. It is recommended that businesses collaborate with their suppliers and customers who may be more advanced in the digital journey to smoothen the learning curve. It is also recommended that organisations identify individuals within the organisation or recruit individuals who have the necessary skill set to lead change initiatives.