The Situation of Technology Companies in Industry 4.0 and the Open Innovation
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.