Abstract
Systematic and comprehensive studies focusing on smart product development from Industry 4.0 in Indian context are scarce as it is a novel concept requiring advancement in research for clear definitions and interpretations. This paper is a preliminary study that attempts to explore and prioritize critical factors on smart product development as proposed decision framework with reference to Industry 4.0 in Indian context. Critical factors identified are technology and innovation, system integration, collaborative engineering, lean systems and sustainability. Expert opinions have been captured for arriving at decision framework. TOPSIS method has been deployed to comprehend priority factors considered by practitioners and organizations. In terms of contribution the outcome of this study will enable practitioners for making real time decisions, with highly customized products in shorter lead time by efficient resource utilization. In addition, policymakers will develop meticulous understanding for designing contemporary policies in view of Industry 4.0 and its interrelated factors for smart products implementation, explicitly in Indian context through the proposed decision framework.
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