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A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs

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  • Soni, Gunjan
  • Kumar, Satish
  • Mahto, Raj V.
  • Mangla, Sachin K.
  • Mittal, M.L.
  • Lim, Weng Marc

Abstract

It is essential to improve the efficiency and performance of small and medium enterprises (SMEs) due to their pivotal role in powering a country's economy. For SMEs, the limited capital available for investments is a barrier to growth. However, optimizing financial flows in the supply chain can improve the functioning and investment potential of SMEs, with Industry 4.0 technologies holding great potential for enhancing the efficiency of an industry's supply chain within which SMEs operate. Moreover, the innovation of financial technology (FinTech) has further contributed to the adoption of supply chain finance (SCF) by delivering financial services using information technologies (IT) and simplifying SMEs’ loan and transaction processes. Therefore, Industry 4.0 technologies such as Internet of Things (IoT), cloud computing, big data, and analytics have a critical role to play in the development and impact of FinTech. In this regard, SMEs can enhance their working capital and competitiveness by adopting Industry 4.0 technologies for sustainable supply chain finance (SSCF). The present study contributes to this agenda by developing a hesitant fuzzy-based technology selection framework to determine the most suitable Industry 4.0 technology(ies) for SSCF.

Suggested Citation

  • Soni, Gunjan & Kumar, Satish & Mahto, Raj V. & Mangla, Sachin K. & Mittal, M.L. & Lim, Weng Marc, 2022. "A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    • Handle: RePEc:eee:tefoso:v:180:y:2022:i:c:s004016252200213x
    DOI: 10.1016/j.techfore.2022.121686
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    3. Yogesh K. Dwivedi & A. Sharma & Nripendra P. Rana & M. Giannakis & P. Goel & Vincent Dutot, 2023. "Evolution of Artificial Intelligence Research in Technological Forecasting and Social Change: Research Topics, Trends, and Future Directions," Post-Print hal-04292607, HAL.
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    6. Hasan, Mohammad Maruf & Hasan, Md Enamul & Ghosh, Tusher, 2024. "Transforming developing economies by shifting paradigms beyond natural resources. The fintech and social dynamics for sustainable mineral policy," Resources Policy, Elsevier, vol. 94(C).
    7. agarwal, shekhar & Gordon, Anna, 2022. "Complexities for the Indian Economy of China's Growing Technological Competence," OSF Preprints fk3r7, Center for Open Science.
    8. Cosma, Simona & Rimo, Giuseppe & Torluccio, Giuseppe, 2023. "Knowledge mapping of model risk in banking," International Review of Financial Analysis, Elsevier, vol. 89(C).
    9. Giuseppe Caristi & Raffaele Boffardi & Cristina Ciliberto & Roberta Arbolino & Giuseppe Ioppolo, 2022. "Multicriteria Approach for Supplier Selection: Evidence from a Case Study in the Fashion Industry," Sustainability, MDPI, vol. 14(13), pages 1-21, June.
    10. He, Zuojing & Ge, Fangting & Ban, Shengxi & Min Du, Anna & Sheehan, Maura, 2024. "Fintech's influence on green credit provision: Empirical evidence from China’s listed banking sector," Research in International Business and Finance, Elsevier, vol. 70(PB).
    11. Shi, Hongyu & Liu, Yu & Yang, Yaru, 2024. "Enterprise digital transformation and supply chain stability," Finance Research Letters, Elsevier, vol. 63(C).
    12. agarwal, shekhar, 2022. "India’s Rising Technology Economy: Sources and Consequences," OSF Preprints x6yzm, Center for Open Science.
    13. Yao, Xin & Li, Xiyan & Kumar Mangla, Sachin & Song, Malin, 2024. "Roles of AI: Financing selection for regretful SMEs in e-commerce supply chains," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 189(C).
    14. Ding, Qian & Huang, Jianbai & Chen, Jinyu, 2023. "Does digital finance matter for corporate green investment? Evidence from heavily polluting industries in China," Energy Economics, Elsevier, vol. 117(C).
    15. Mastrocinque, Ernesto & Ramírez, F. Javier & Honrubia-Escribano, Andrés & Pham, Duc T., 2022. "Industry 4.0 enabling sustainable supply chain development in the renewable energy sector: A multi-criteria intelligent approach," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    16. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    17. Choudhary, Priya & Thenmozhi, M., 2024. "Fintech and financial sector: ADO analysis and future research agenda," International Review of Financial Analysis, Elsevier, vol. 93(C).
    18. Awais, Minahil & Afzal, Ayesha & Firdousi, Saba & Hasnaoui, Amir, 2023. "Is fintech the new path to sustainable resource utilisation and economic development?," Resources Policy, Elsevier, vol. 81(C).

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