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Main Pillars Building Up the Risk Frame of Industry 4.0 Implementation in the Enterprises in Bulgaria

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  • Borislav Nikolov

Abstract

Development of the technologies is a part of the modern world and modern business. The realization of extended changes, that have been imposed by Industry 4.0, is a very serious challenge for enterprises and in most cases have a high-risk ratio. The goal of this article is to define the main risk components forming the risk frame of Industry 4.0 implementation in enterprises in Bulgaria. In this relation, research has been made, giving the opportunity for a definition of the already mentioned components of the risk frame. The research has been made on the basis of a questionnaire survey, covering 91 enterprises in Bulgaria. On this basis, eight main components are defined, which mainly determine the risk framework for the implementation of Industry 4.0 in enterprises in Bulgaria. A number of weaknesses and omissions have been outlined, which confront the realization of Industry 4.0 in Bulgarian enterprises. The risk variation in these components has also been studied, covering six risk areas identified as key risks in the researched enterprises. All this determines the current level of a significant part of enterprises in Bulgaria in the field of implementation of Industry 4.0 and also provides guidelines for taking measures to limit the impact of risk.

Suggested Citation

  • Borislav Nikolov, 2023. "Main Pillars Building Up the Risk Frame of Industry 4.0 Implementation in the Enterprises in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 77-92.
    • Handle: RePEc:bas:econst:y:2023:i:7:p:77-92
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    File URL: https://www.iki.bas.bg/Journals/EconomicStudies/2023/2023-7/04_Borislav-Nikolov.pdf
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    References listed on IDEAS

    as
    1. Radanliev, Petar & De Roure, Dave & R.C. Nurse, Jason & Nicolescu, Razvan & Huth, Michael & Cannady, Stacy & Mantilla Montalvo, Rafael, 2019. "Cyber Security Framework for the Internet-of-Things in Industry 4.0," MPRA Paper 92565, University Library of Munich, Germany, revised 2019.
    2. Vladia Borissova, 2021. "Digital Transformation for Digital Competitiveness at a Micro Level," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 89-106.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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