Institutionalising Industry 4.0: a Delphi study of institutional change readiness for the fourth industrial revolution in an emerging economy

Abstract

Emergence of the fourth industrial revolution prompts digital transitions and transformations of economic sectors, with pressures for institutions to prepare and respond in a way that harnesses the progressive potentials of Industry 4.0 for socioeconomic growth. The purpose of this research is to evaluate core institutional change readiness factors for Industry 4.0, with focus on institutional innovation that sustains technology trajectories and supports technology use in an emerging economy. Using the Delphi methodology with a panel of 71 triple helix (i.e. university, industry, and government) experts, the research identifies, selects, and prioritizes collaboration and capability readiness factors. Initial literature review identifies 50 readiness factors and subsequent non-parametric tests find that ‘clarity of goals and relevance’ and ‘innovating competencies’ are the topmost collaboration and capability factors, respectively. Discussions on these findings imply integrated analyses based on the triple helix as well as institutional and ‘clarity-creativity’ dyadic framings for technology management studies of Industry 4.0. The managerial implications of the research centre on factor-based recommendations concerning support systems for Industry 4.0 transdisciplinary collaboration and action plans for building digital capability, in furtherance of the fourth industrial revolution. Concluding the research is a highlight of the research limitations and potential future research areas.