Framework for Integrating Lean Thinking with Industry 4.0: Way Ahead for Entrepreneurs in Indian MSME’s

Abstract

This research aims to facilitate micro, small and medium enterprises (MSMEs) in integrating lean thinking with Industry 4.0 principles. Qualitative and quantitative data are collected through personal interaction and online surveys of industry professionals. The findings empirically validate and establish the supporting role and importance of lean thinking (principles and techniques) in achieving the Industry 4.0 guiding principle. Text/verbatim analysis indicates positive sentiments on facets like strength, benefits, challenges and training needs of a lean organisation in its transition to Industry 4.0. The framework provides a theoretical base for lean integration with Industry 4.0. The developed framework can be practically deployed in any MSMEs. It can guide entrepreneurs, managers, industry professionals and consultants in their strategic decision-making to implement lean synergistically with Industry 4.0 principles. The framework developed is unique in integrating lean with the principles of Industry 4.0 and would help Indian MSMEs optimise resources for achieving organisational excellence.

Industry 4.0 and Its Impact on Entrepreneurial Ecosystems: An Examination of Trends and Key Implications

“…• Guides and Exemplars: Entrepreneurs who have achieved a degree of success often take on mentoring roles for burgeoning entrepreneurs. Insights and pivotal recommendations are disseminated, thereby fostering the growth trajectory of other entities (Bahulikar et al, 2023). • Investment Pioneers: A subset of entrepreneurs, having amassed wealth and expertise, revert as angel investors or venture capitalists.…”