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The Readiness of Small and Medium Enterprises for the Industrial Revolution 4.0

Author

Listed:
  • Shan Shan Teh

    (Universiti Sains Malaysia, 11800, Penang, Malaysia Author-2-Name: Daisy Mui Hung Kee Author-2-Workplace-Name: Universiti Sains Malaysia, 11800, Penang, Malaysia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

Objective - The Industrial Revolution 4.0 has penetrated across the industrial world. It promotes innovation in organizing and controlling the entire value chain life cycle. The Industrial Revolution 4.0 not only brings convenience, but it also acts as a new trend toward smart technology. With this smart technology, production times are shortened, productivity is doubled, efficiency is increased, and income is also improved. The Industrial Revolution 4.0 is being emphasized among Malaysian SMEs. This is because SMEs constitute 98.5% of the business community in Malaysia. However, although the Industrial Revolution 4.0 is gaining popularity, SMEs remain relatively unaware on it. This has cast doubt on the readiness of Malaysian SMEs for the Industrial Revolution. Is the readiness of industrial revolution 4.0 reach the satisfaction level among Malaysian SMEs? Therefore, the purpose of this study is to assess the level of readiness of Malaysian SMEs for the Industrial Revolution 4.0. In addition, the study will also propose strategies to improve the readiness of SMEs in Malaysia for the Industrial Revolution 4.0. Methodology/Technique � Various papers and current information was accessed to determine the readiness of Malaysia for the Industrial Revolution 4.0 and strategies that can be employed to enable SMEs to adopt the new era of industrial revolution. Findings- From the findings it was concluded that Malaysian SMEs remain unprepared for the Industrial Revolution 4.0. Novelty - This paper proposed important strategies to assist SMEs and employees to adapt to the Industrial Revolution 4.0.

Suggested Citation

  • Shan Shan Teh, 2019. "The Readiness of Small and Medium Enterprises for the Industrial Revolution 4.0," GATR Journals gjbssr548, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:gjbssr548
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    File URL: http://gatrenterprise.com/GATRJournals/GJBSSR/pdf_files/GJBSSRVol7(4)2019/2.Shan%20Shan%20Teh.pdf
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    References listed on IDEAS

    as
    1. Raihan Maskuriy & Ali Selamat & Petra Maresova & Ondrej Krejcar & Oladipo Olalekan David, 2019. "Industry 4.0 for the Construction Industry: Review of Management Perspective," Economies, MDPI, vol. 7(3), pages 1-14, July.
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    Cited by:

    1. Shan Shan The, 2021. "Tapping the Power of Social Media on Innovation Performance," GATR Journals gjbssr592, Global Academy of Training and Research (GATR) Enterprise.

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    More about this item

    Keywords

    Readiness; Strategies; Small and Medium Enterprises; Industrial Revolution 4.0; Malaysia.;
    All these keywords.

    JEL classification:

    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other

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