Digitization and Industry 4.0 practices: An Exploratory study on SMEs in India

Abstract

Industry 4.0 is a present day issue that concerns today's industrial production as a whole. . It’s an opportunity to radically change the way industry responds to the needs of society. The advancement of industry 4.0 will be driven by an interconnected progressive environment. The opportunities for disruption are huge and those left behind will feel it acutely. Industry 4.0 talks about the use of sensors, connectivity, artificial intelligence techniques, machine learning, CPS, Machine machine communication, and so on to develop smart factories, smart inventory management systems, and smart supply chain management. The adoption of digitalization and industry 4.0 practices is expected to play a very important role in the growth and development of Small and medium enterprises. The purpose of the paper is to summarize major government initiatives towards the digitalization of SMEs in India and to study the impact of digital transformation on SME's growth prospects. This study may provide evidence of the state of digitalization and industrial revolution 4.0 adoption in Indian SMEs with additional information as to the significant factors that affected their adoption. It is suggested that this piece of work can be made an important contribution to guide future research on digitalization and SME's adoption of industrial revolution 4.0 practices.