A Novel Approach to Achieve Sustainable Development: Analysis of Industry 4.0 Framework, State-of-the-Art Technologies, and Sustainability Dimensions Based on Stakeholder Theory and Practices

Abstract

The research on big data analytics capabilities and innovative industrial technologies such as Industry 4.0 (I4.0) has grown to the extent where researchers are striving to uncover the nexus from distinct perspectives, worldwide. The present study explores the connection of state-of-the-art technologies (SAT) such as IoT and big data analytics along with I4.0 technologies (e.g., environmental, managerial and economics, supply chains, organizational, and social capabilities) to understand the insights into how it elevates sustainable performance (SP) with consideration of three perspectives (e.g., environmental, economic, and social perspective). The results using SmartPLS and structure equation techniques (SEM) asserted that I4.0 technologies positively affect SP of organizations. The empirical testing also affirmed the positive nexus between big data analytics and sustainable performance. This study provides evidence regarding I4.0 technologies and SAT that may enhance corporate development in the current competitive and technological-oriented era. This study provides multiple implications for the related management along with theoretical implications for existing literature on sustainable development, big data analytics, and innovative industrial technologies. Finally, the study enlists the drawbacks along with future directions for scholars.