Indexed on: 25 Oct '20Published on: 18 Oct '20Published in: Vision : The Journal of Business Perspective
Vision, Ahead of Print. The term ‘Industry 4.0’ or the fourth Industrial Revolution refers to the addition of smart technology to traditional manufacturing and industrial practices. This practice was first introduced by the German government in the year 2011 to empower its economy. The trend steadily gained roots and spread to other countries across the globe. This study explores the preparedness of select Indian industries to implement Industry 4.0, or in other words, build smart factories using innovative technologies. It also throws light on the benefits, challenges, drivers and barriers to Industry 4.0 in the Indian context. Based on data from corporate executives, it also highlights issues and challenges related to investment cost, skills gap and data security in implementing Industry 4.0. The study also provides a framework for a mapping application to map the qualities, benefits and challenges faced by selected Indian industries at two levels: concept implementation and the full implementation.