A Concept for an Enhanced Future Readiness Model (FRM) for Firms in the Context of Industry 4.0
Keywords:
Future readiness model, industry 4.0, strategic foresight, organizational agility, organizational resilienceAbstract
Since the pandemic organizations have focused on ways to improve engagement, adapt to the new world and develop strategies for survival. In support of these goals an enhanced future-readiness model is proposed that encompasses concepts from ambidexterity, strategic foresight and organisational resilience applied to the industry 4.0 context. The model identifies thirteen primary (13) internal and external factors that can be used to design and apply a future readiness model within organizations to improve agility and preparedness for the challenges and opportunities posed by industry 4.0. It also identifies eleven (11) sub-factors that together with the primary factors provide a conceptual framework for managers to consider in their planning and preparations for industry 4.0 and other disruptive events. The model connects dynamic capabilities with the firm’s strategic preparedness. It attempts to fill gaps in existing future readiness models and forms the basis for ongoing, applied research into its utility in product and service industries. This paper also refers to the dilemma of innovation and the need for change as it relates to industry 4.0. Concept for how new opportunities can be addressed and how strategy development and execution can be built on with other aspects of organisational maturity and agility to improve future readiness. The model proposes an approach to risk tolerance and reward management based on the resources of the firm, including its organizational culture and how its utilization of internal and external analyses prepares it for a dynamic environment in the context of industry 4.0. It incorporates the influence of people and digitization with the more traditional dynamic capabilities of the firm and proposes possible applications of the model to industries significantly affected by industry 4.0.
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