Industry 4.0 (I4.0) promises to transform business processes through digital interconnectivity to increase operational efficiency. However, 13 years since its inception, the uptake of I4.0 technologies by companies is still rather low. Our Systematic Literature Review (SLR) shows the different barriers that companies are facing to adopt Industry 4.0 in business production and supply chain operations. These barriers are amplified when it comes to the small and medium enterprises (SMEs). Our Literature review also demonstrates that there is still limited empirical research on how SMEs can be supported to decide the best route to adopt Industry 4.0 given the different barriers. Thus, this research aims to extend the literature review analysis by developing a Multi-Criteria Decision Analysis (MCDA) model that can act as decision-support tool to help SMEs to determine the most ideal route to adoption of new Industry 4.0 technologies given the different barriers. In order to develop our MCDA model, we identified and interviewed representatives from different groups of stakeholders including: (1) business executives, comprising of persons in SME companies responsible for decision-making on operational strategies to be designed and implemented; (2) digital solutions providers, who develop and supply the new I4.0 solutions across the market; and (3) an Industry expert/consultant, who provides customers with the knowledge and guidance on the most appropriate solution for their business. Using the developed MCDA, we show some trade-offs that SMEs are facing in adopting I4.0.