It is critical for organizations to self-assess their Industry 4.0 readiness to survive and thrive in the age of the Fourth Industrial Revolution. Thereon, conceptualization or development of an Industry 4.0 readiness model with the fundamental model dimensions is needed. This paper used a systematic literature review (SLR) methodology with the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines and content analysis strategy to review 97 papers in peer-reviewed academic journals and industry reports published from 2000 to 2019. The review identifies 30 Industry 4.0 readiness models with 158 unique model dimensions. Based on this review, there are two theoretical contributions. First, this paper proposes six dimensions (Technology, People, Strategy, Leadership, Process and Innovation) that can be considered as the most important dimensions for organizations. Second, this review reveals that 70 (44%) out of total 158 total unique dimensions on Industry 4.0 pertain to the assessment of technology alone. This establishes that organizations need to largely improve on their technology readiness, to strengthen their Industry 4.0 readiness. In summary, these six most common dimensions, and in particular, the dominance of the technology dimension provides a research agenda for future research on Industry 4.0 readiness.

Digitalization has increased the adoption pace of Industry 4.0 technologies, particularly in connection with Open Innovation. However, companies are still finding it challenging to know the variety of Industry 4.0 technologies available, and their fit with the scope of the organization. To address this issue, a cross-sectional research design under quantitative approach was adopted. The data were collected first-hand through a survey questionnaire from a total of 238 technology companies in Malaysia. Technology companies were selected as they have higher agility in terms of technology which suits the digital revolution nature of Industry 4.0. The findings of this descriptive study revealed a range of insights in terms of Industry 4.0 technologies and open innovation. First, this study presents the standing of technology companies in terms of 12 Industry 4.0 technologies. Second, a comparison of these technologies is analyzed in terms of company size (small, medium, and large). Third, a contrast of these technologies is ascertained based on the type of company (manufacturing and services). In brief, this research contributes in providing valuable insights that can help companies in the awareness of open innovation and adoption of Industry 4.0 technologies.

Industry 4.0 has the potential to cause both evolutionary (operational) and revolutionary (strategic) changes, but assessing the readiness of companies towards Industry 4.0 has largely been a challenge. Industry 4.0 readiness is also important as it is the first step for companies that want to adopt Industry 4.0 technologies. This paper pilot surveys 100 technology companies in Malaysia to understand their overall readiness towards Industry 4.0. In particular, this research paper contributes to the assessment of Industry 4.0 readiness in terms of seven key areas: (i) Market pressure, (ii) risk-taking, (iii) knowledge, (iv) management support, (v) competencies, (vi) motivation and (vii) freedom. These findings can act as stepping stones for managers and companies that are aiming towards the implementation of Industry 4.0 readiness.

Industry 4.0 revolution, with its cutting-edge technologies, is an enabler for businesses, particularly in reducing the cost and improving the productivity. However, a large number of organizations are still too in their infancy to leverage the true potential of Industry 4.0 and its technologies. This paper takes a quantitative approach to reveal key insights from the companies that have implemented Industry 4.0 technologies. For this purpose, 238 technology companies in Malaysia were studied through a survey questionnaire. As technology companies are usually the first in line to adopt new technologies, they can be studied better as leaders in adopting the latest technologies. The findings of this descriptive study surfaced an array of insights in terms of Industry 4.0 readiness, Industry 4.0 technologies, leadership, strategy, and innovation. This research paper contributes by providing 10 key empirical insights on Industry 4.0 that can be utilized by managers to pace up their efforts towards digital transformation, and can help the policymakers in drafting the right policy to drive the digital revolution.