Industry 4.0 as a Challenge and Possibility in Small and Medium Size Enterprises

Abstract

This study has been carried out within the Industrial revolution trend in manufacturing industries. It has been aimed to investigate how a small and medium size company could implement the ideas behind 4th industrial revolution in their processes. The main idea and core concept of recent studies are trying to find question to the following question: ‘Is it better to adapt and shift to digitalization in operation or it is better to operate familiar environment'. A blend of literature-based subtractions is used to show the consequences and potentials of Industry 4.0 in SMEs. In this paper, we will try to cover enhance and the eventual aspects of Industry 4.0 has on SMEs through in-depth literature review. The findings indicate that Industry 4.0 can be crucial for companies. Companies first must achieve maturity level of processes then implement Industry 4.0. Our research work contributes understanding of transformation into digitalization and advantages of Industry 4.0 and the results from this study can be used as a basis for further investigation on this topic.