Identification and Prioritization of Industry 4.0 Projects in SMEs: A Process Approach

Industry 4.0 promises a new and disruptive innovative approach to businesses, their business models, and operations. Nevertheless, SMEs approach to this new paradigm shows a real need for a guided support in the implementation of Industry 4.0 projects, and the selection of initiatives and technological investment projects in an environment full of technological offer and jargon. In this context, we propose a process model to guide SMEs in the implementation and prioritization of Industry 4.0 projects. By systematically running the stages proposed in the process, companies will determine their needs, challenges, and opportunities regarding the implementation of Industry 4.0 from a vertical and horizontal integration approach of their value chain and business processes. This methodology involves the analysis of the operations, the diagnosis and evaluation of Industry 4.0 impacts, the portfolio management, and the implementation of the selected projects. This methodology helps companies evaluate impacts and make decisions based on an integral approach. This unique and integrated decision-making process has been tested in one industrial service small company with very high management satisfaction results, due to its structured decision-making approach.