Technology, innovation and business transformation : an Industry 4.0 perspective

Abstract

PURPOSE: This study is intended to investigate different factors related to technology innovations and particularly business model innovations and particularly its impact on small and medium sized enterprises to find out its relevance and possibilities of transforming the business according to Industry 4.0 technology requirements.

DESIGN/METHODOLOGY/APPROACH: Theoretical analysis and research model has been used to discuss the concepts and the literature study. This paper is primarily based on research journals, articles and relevant websites that provides the most updated information on the chosen topic.

FINDINGS: The technology innovations related to Industry 4.0 have different impact on different enterprises depending on the size and the resources it enjoys both internal and external. The fourth industrial revolution is transforming many industries globally. Big companies have potential as well as resources to adopt Industry 4.0 technologies and innovations, however, the small and medium sized businesses still need to develop and innovate their business models to be competitive in the international markets.

PRACTICAL IMPLICATIONS: This paper is helpful in conceptual understanding on different forms of innovations in businesses, including technological and business model innovations while adopting Industry 4.0. The research findings provide an insight for future investigation in this direction.

ORIGINALITY/VALUE: The systematic literature analysis and the research performed in this study is useful for minimizing the research gap related to Industry 4.0 and enterprise level innovations.