Challenges for Pakistani SMEs in Industry 4.0: Applications of Disruptive Technologies

Challenges for Pakistani SMEs in Industry 4.0: Applications of Disruptive Technologies

Qaisar Iqbal (Universiti Sains Malaysia, Malaysia) and Noor Hazlina Ahmad (Universiti Sains Malaysia, Malaysia)
Copyright: © 2020 |Pages: 10
DOI: 10.4018/978-1-7998-2577-7.ch002

Abstract

Small and medium enterprises (SMEs) play a vital role in the development of any economy. The disruptive technologies of the fourth industrial revolution have ignited the flexibility and dynamic nature of the market. Industry 4.0 requires firms to deliver highly customized and high-quality products at low price and on time. However, the SMEs sector is not performing up to the standard, which is quite disturbing in the current economic situation of the country. This chapter has elaborated the application of advanced information and communication technologies of Industry 4.0 in the context of SMEs. Based on the requirements of Industry 4.0, this chapter has also explored the challenges faced by SMEs in Pakistan. The SMEs in Pakistan are presently coping the challenges such as limited access to finance, the undue compliance and excessive paperwork imposed by regulators, lacking mechanism of talent management, lacking skilled workforce, absence of networking and collaboration, mismanagement of raw material, and insufficient infrastructure.
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Fourth Industrial Revolution Industry 4.0

Industry 4.0 undertakes the automation and data exchange in different manufacturing technologies. industry 4.0 consists of cognitive computing, cloud computing, internet of things, and cyber-physical systems which are generally known as the fourth industrial revolution (Stverkova & Pohludka, 2018). Currently, adaptable organizations are in a position to exploit numerous opportunities and deliver optimum performance (Rajnoha & Lesníková, 2016). Organizations have increased their productivity and profit by applying steam engine, power, and the transition from simple to computerized innovation.

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