STRATEGY AS A KEY DRIVER OF THE FOURTH INDUSTRIAL REVOLUTION TRANSFORMATION JOURNEY

Abstract

With the advent of the Fourth Industrial Revolution (4IR), many industries find themselves having to identify, select, acquire, exploit, and protect their 4IR technologies. However, 4IR technologies are unique when compared with those of the preceding industrial revolutions, in that they are evolving at an exponential rate, and they are complex because they integrate the physical, digital, and biological spheres. Owing to the ‘newfangledness’ of 4IR, limited empirical references, the agility of 4IR technologies’ encroachment, rapid technological changes, high levels of uncertainty, the premise that 4IR induces radical changes to business models, and the realisation that 4IR transformation has long-term consequences for businesses, there is a need for businesses to adopt 4IR transformation using a strategic management approach. The main objective of this paper is to report the findings from an integrative literature review to determine what existing systematic approaches different industries and businesses follow to formulate 4IR technology/transformation strategies. The findings of this study outline some important key principles underlying the formulation of 4IR transformation strategy.