Risks analysis on digital platforms adoption to elevate SME businesses in developing country

Abstract

Industry 4.0 is a term for the digital revolution in industrial area appearing from a comprehensive and computerized network. Digital platforms can be an impressive and beneficial media for industry to get closer with the customers. While many big companies have attempted to figure on the potential and risks of digitalization along have introduced an innovation process for their business models, small and medium enterprises (SMEs) have not utilized this optimally. Currently SMEs are known as the bedrock of most economies, especially in developing countries. The aim of this study was to optimize the digital platform that had been developed as SME business media through risk analysis for the sustainability constructing. The SWOT analysis and failure mode and effect analysis (FMEA) approach were used to assess the identified and analysed risks before determining the appropriate mitigation plan. The study expected SMEs to fulfil the challenges and opportunities from Industry 4.0 for elevating national economic stability.