Supply Network Risk Mitigation-Industry 4.0 Approach

Abstract

With the evolution of Industry 4.0, the most advanced technologies have been invented and due to rapid globalisation, supply chains (SC) have become vulnerable to various risks. Risk management performs a key role in operating SC effectively in variety of uncertain circumstances. This paper aims to reveal the adaptability of digital technologies in supply chain networks, identify and analyse the various emerging supply chain risks in the industry 4.0 environment, and develop a framework to mitigate the risk level. A systematic literature review was conducted to identify and analyse the emerging supply chain risks, and Analytical Hierarchy Process (AHP) method was used to develop a conceptual risk mitigation framework. The contribution of this study lies in the taxonomy study, and findings revealed that digitalisation of supply chain design for risk mitigation shed light on future research. Additionally, it focuses on the potential to enhance supply networks' efficiency and responsiveness.