Modelling the critical success factors for advanced manufacturing technology implementation in small and medium sized enterprises

Abstract

In almost every part of the world, small and medium-sized businesses (SMEs) are seen as the backbone of economic expansion. Small and medium-sized enterprises (SMEs) typically have a simpler organisational structure than large corporations, which allows them to be more adaptable, provide instantaneous feedback, have shorter decision-making chains, and respond more quickly to customer needs. Even so, SMEs face enormous pressure to stay competitive in both domestic and international markets. Globalization, new technologies, and evolving consumer preferences are all contributing to a shift in the competitive landscape. These shifts are compelling small and mediumsized enterprises to adopt cutting-edge manufacturing techniques. The goal of this research is to identify the critical success factors (CSFs) that will help and guarantee that SMEs will be able to successfully implement AMTs (SMEs). Literature-based CSFs for AMT deployment are collected and fine-tuned using input from professionals in the field and scholars in the academy. The method of interpretive structural modelling (ISM) is applied to this CSF analysis. According to the ISM study, the three most important factors influencing the adoption of AMT are "Top management support and commitment," "entrepreneurial environment," and "financial availability." The desired goal of AMT implementation is found to be "performance improvement" and "sustainable AMT implementation." The identified CSFs and the structural relationship between them will help SMEs' top management create and prioritise business strategies that ease the implementation of AMT. The study's results point potential AMT financiers in the right direction by highlighting a handful of critical considerations that will improve the project's chances of success.