The Challenges and Opportunities Involved with Industry 4.0 Technologies for SME Business

Abstract

Industry 4.0 has been brings forth a large number of effective technological tools and techniques in business environment which provides a key support towards small and medium scaled enterprises to enhance its operational performance. Various technologies such as AI, block chain, robotics has been provide key support to improve operational, manufacturing, supply chain, marketing ability of an enterprise in recent days global market. The study is based on the technologies adopted and the contribution of the new generation technologies on the SMEs and the method of collecting the data is a secondary method and the data is analysed by using thematic analysis. The upgraded technologies such as automation, machine learning, big data and robotics are explained and the cloud computing and the opportunities have been discussed. The challenges such as lack of knowledge, bias rigidness are discussed to explain the challenges accepting the new technologies.