Industry 4.0, often known as the Industrial Internet of Things (IIoT), offers manufacturing businesses tremendous financial prospects and challenges. In this empirical study (based on an inductive qualitative research approach), we combined a literature review and an expert interview to look at the latest advancements in emerging technologies for manufacturing transformation and the requirements and approaches that manufacturing firms in emerging economies must employ to complete this transformation. Based on our findings, we developed a thorough overview of factors associated with IIoT and identified areas for additional study to contribute to the IIoT transformation agenda. The results of this study can guide stakeholders, particularly managers of manufacturing businesses and researchers. The literature study results posit state-of-the-art studies on how the implementation of IIoT technologies can drive the transformation of manufacturing businesses in emerging economies.
The Internet of Things (IoT) paradigm has important applications in industrial environments. The Industrial Internet of Things (IIoT), also known as Industry 4.0, is an emerging technology that can revolutionize manufacturing and production by using a significant number of networked embedded sensing devices and integrating cutting-edge computing technologies [1,2].
As a result, managers globally are boosting their IT investment significantly . Businesses' existence may be dependent on their usage of new technology. According to literature, new technology is assisting businesses in improving their performance and driving more sustainable solutions [3,4]. The increased use and dependence on digital technology have resulted in substantial economic and social development changes. By linking goods and services to digitized business opportunities, these technologies may help organizations become more competitive. For example, changes in manufacturing processes, distribution, and firm organizational structures have occurred due to technological advancements in production and resources management [5–8]. Companies may use digital technology to enhance resource flow, value creation, and capital attraction in real-time, allowing for business transformation. Companies might also apply digital technology to optimize and transform their operations, such as managing inventory, supply chain, fabrication, etc., [3,4]. Importantly, digital technology enables businesses to reinvent how producers and consumers interact and can be achieved by enhancing consumer awareness and trying to track materials . Industry 4.0 include increasing human-machine interaction, tracking, and self-recognition of components via intelligent robots and optimizing manufacturing based on Internet of Things (IoT) connectivity . The concept of IoT gained popularity after the Hannover Fair in 2011 as a nascent engineering strategy.
Our objective for this paper was to determine how IIoT transformation can impact manufacturing enterprise performance, focusing on emerging economies, reviewing available literature, and gathering insights from experts on the same topic. Additionally, we aimed to understand the aspects of the IIoT transition by identifying opportunities, challenges, and requirements for manufacturing and research. We conducted an academic and practitioner-focus literature review on the scope of the study. We cross-linked the themes to facilitate an expert interview with professionals in the field to support our findings. The experts confirm that although IIoT is gaining prominence in diverse industries, it is observed that CEOs and IT managers in manufacturing are uncertain about how to go about with the challenges of digitalization and so have become reluctant to take actions that can support their business to grow.
Moreover, many IIoT initiatives lack the requisite structures, processes, and capabilities to generate business innovations. Furthermore, they are frequently seen as being too bureaucratic, inflexible, and not consistent with their business model. The argument for IIoT transformation is that companies that want to progress in the evolving digital era must exploit the implementation of digital technology, rethink their business strategies and transform their operations. Three main areas of focus for organizations transforming into digital enterprises: