SME 4.0: The role of small-and medium-sized enterprises in the digital transformation

Abstract

Industry 4.0 can be the starting point for implementation projects as a low-risk entry into an adapted digitization strategy. In larger companies, comprehensive digitization initiatives are already integrated into the central corporate strategy, while smaller companies often have problems putting the Industry 4.0 paradigms into practice. As the backbone of the economy, small-and medium-sized enterprises (SMEs) have an enormous leverage effect, which is why it is crucial to develop specific concepts for smaller companies. Regardless of the size of a company, a digital transformation strategy offers opportunities for growth and sustainable competitiveness. This chapter will give an introductory overview of Industry 4.0 as the fourth industrial revolution and discuss the role of SMEs in this transition towards the digital transformation.