5th North American International Conference on Industrial Engineering and Operations Management

A Conceptual Framework of Industrial Revolution 4.0 and Entrepreneurial Orientation: Mediation effect of Innovation on Firm Performance: A Malaysian perspective

Fazal Akbar, Talib Bon, Fazli Wadood & SALEH AL-SUBARI
Publisher: IEOM Society International
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Abstract

Communication technology is a major advance in manufacturing technology. IT and computing in recent years, information systems have enabled new ways of working in industrial and services sector. This evolutionary trend refers to the fourth trend in the industrial system, the so-called Industry 4.0. However, current and future trends are evolutionary in nature. This background of intelligent specialization and structural evolution is not driven by radical innovation, but acquired by adapting to radical change. By generating new information and knowledge for the future economic value of old techniques and old machines, new activities and new structural changes can be carried out by using existing common industrial products such as R & D, engineering, manufacturing and other capabilities that support innovation. It has been determined that entrepreneurial orientation plays an important role in the success of global entrepreneurs. The business phenomenon is constantly evolving. With the creation of new enterprises, the world has become an entrepreneurial economy, and entrepreneurs are hailed as the new heroes of economic development and competitive enterprises. In recent years however, Malaysian furniture manufacturers have come under increasing competitive pressure from other cheaper furniture producing nations particularly in China and Vietnam. Therefore, this situation leads the researcher to investigate the problem in detail, to provide a possible solution to the pressing problem and support the Industry 4.0, and to promote the entrepreneurial culture in furniture manufacturing industry in Malaysia.Communication technology is a major advance in manufacturing technology. IT and computing in recent years, information systems have enabled new ways of working in industrial and services sector. This evolutionary trend refers to the fourth trend in the industrial system, the so-called Industry 4.0. However, current and future trends are evolutionary in nature. This background of intelligent specialization and structural evolution is not driven by radical innovation, but acquired by adapting to radical change. By generating new information and knowledge for the future economic value of old techniques and old machines, new activities and new structural changes can be carried out by using existing common industrial products such as R & D, engineering, manufacturing and other capabilities that support innovation. It has been determined that entrepreneurial orientation plays an important role in the success of global entrepreneurs. The business phenomenon is constantly evolving. With the creation of new enterprises, the world has become an entrepreneurial economy, and entrepreneurs are hailed as the new heroes of economic development and competitive enterprises. In recent years however, Malaysian furniture manufacturers have come under increasing competitive pressure from other cheaper furniture producing nations particularly in China and Vietnam. Therefore, this situation leads the researcher to investigate the problem in detail, to provide a possible solution to the pressing problem and support the Industry 4.0, and to promote the entrepreneurial culture in furniture manufacturing industry in Malaysia.

Published in: 5th North American International Conference on Industrial Engineering and Operations Management, Detroit, USA

Publisher: IEOM Society International
Date of Conference: August 9-11, 2020

ISBN: 978-0-9855497-8-7
ISSN/E-ISSN: 2169-8767