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A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs

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  • Soni, Gunjan
  • Kumar, Satish
  • Mahto, Raj V.
  • Mangla, Sachin K.
  • Mittal, M.L.
  • Lim, Weng Marc

Abstract

It is essential to improve the efficiency and performance of small and medium enterprises (SMEs) due to their pivotal role in powering a country's economy. For SMEs, the limited capital available for investments is a barrier to growth. However, optimizing financial flows in the supply chain can improve the functioning and investment potential of SMEs, with Industry 4.0 technologies holding great potential for enhancing the efficiency of an industry's supply chain within which SMEs operate. Moreover, the innovation of financial technology (FinTech) has further contributed to the adoption of supply chain finance (SCF) by delivering financial services using information technologies (IT) and simplifying SMEs’ loan and transaction processes. Therefore, Industry 4.0 technologies such as Internet of Things (IoT), cloud computing, big data, and analytics have a critical role to play in the development and impact of FinTech. In this regard, SMEs can enhance their working capital and competitiveness by adopting Industry 4.0 technologies for sustainable supply chain finance (SSCF). The present study contributes to this agenda by developing a hesitant fuzzy-based technology selection framework to determine the most suitable Industry 4.0 technology(ies) for SSCF.

Suggested Citation

  • Soni, Gunjan & Kumar, Satish & Mahto, Raj V. & Mangla, Sachin K. & Mittal, M.L. & Lim, Weng Marc, 2022. "A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    • Handle: RePEc:eee:tefoso:v:180:y:2022:i:c:s004016252200213x
    DOI: 10.1016/j.techfore.2022.121686
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    3. Cannavacciuolo, Lorella & Ferraro, Giovanna & Ponsiglione, Cristina & Primario, Simonetta & Quinto, Ivana, 2023. "Technological innovation-enabling industry 4.0 paradigm: A systematic literature review," Technovation, Elsevier, vol. 124(C).
    4. agarwal, shekhar & Gordon, Anna, 2022. "Complexities for the Indian Economy of China's Growing Technological Competence," OSF Preprints fk3r7, Center for Open Science.
    5. Giuseppe Caristi & Raffaele Boffardi & Cristina Ciliberto & Roberta Arbolino & Giuseppe Ioppolo, 2022. "Multicriteria Approach for Supplier Selection: Evidence from a Case Study in the Fashion Industry," Sustainability, MDPI, vol. 14(13), pages 1-21, June.
    6. agarwal, shekhar, 2022. "India’s Rising Technology Economy: Sources and Consequences," OSF Preprints x6yzm, Center for Open Science.
    7. Ding, Qian & Huang, Jianbai & Chen, Jinyu, 2023. "Does digital finance matter for corporate green investment? Evidence from heavily polluting industries in China," Energy Economics, Elsevier, vol. 117(C).
    8. Mastrocinque, Ernesto & Ramírez, F. Javier & Honrubia-Escribano, Andrés & Pham, Duc T., 2022. "Industry 4.0 enabling sustainable supply chain development in the renewable energy sector: A multi-criteria intelligent approach," Technological Forecasting and Social Change, Elsevier, vol. 182(C).

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