Are SME’s in India ready for Industry 4.0?
The SME’s in India always want to play safe as they have a restricted mindset of using traditional tools and methods, which always gives them a certain level of productivity. For increasing their production, they prefer to increase their manpower rather than upgrading their equipment. They continue to be low value/high volume, focusing on commodity products and utilising low cost and low skilled labour. Small scales and margins have discouraged investments in technology which leads to boost in productivity and improve manufacturing quality. The question arises that “are we ready to accept the changes through industry 4.0?” There will be some challenges for the manufacturing sector to adopt the disruptive technologies such as the IoT, cyber-physical systems or cloud-based manufacturing. Hence, it is very crucial to evaluate the Industry 4.0 readiness of industrial enterprises. To overcome the challenges, SME’s require visionary decision-makers who can not only improve the skill