Industry 4.0 Readiness of Technology Companies: A Pilot Study from Malaysia

Abstract

Industry 4.0 has the potential to cause both evolutionary (operational) and revolutionary (strategic) changes, but assessing the readiness of companies towards Industry 4.0 has largely been a challenge. Industry 4.0 readiness is also important as it is the first step for companies that want to adopt Industry 4.0 technologies. This paper pilot surveys 100 technology companies in Malaysia to understand their overall readiness towards Industry 4.0. In particular, this research paper contributes to the assessment of Industry 4.0 readiness in terms of seven key areas: (i) Market pressure, (ii) risk-taking, (iii) knowledge, (iv) management support, (v) competencies, (vi) motivation and (vii) freedom. These findings can act as stepping stones for managers and companies that are aiming towards the implementation of Industry 4.0 readiness.