A Study of the Competitiveness and Development Strategy of Korean Venture Companies in the Fourth Industrial Revolution Using SWOT/AHP

Abstract

This study derives the SWOT (Strength, Weakness, Opportunity, Threat) factors and competitiveness index necessary for Korean venture companies to succeed in the fourth industrial revolution. It suggests a SWOT strategy as well as an action plan in which the government and related parties prepare to secure global competitiveness, along with a very basic and systematic analysis. A total of 21 SWOT sub-factors were selected through a literature review and report analysis and were evaluated by various industry, academics, and policy experts via a Delphi survey. The results of pairwise comparative analysis using the AHP (Analytic Hierarchy Process) technique showed that the importance of the 4 SWOT quadrants could be arranged in order as strength (48%) → opportunity (25%) → threat (16%) → weakness (11%). Looking at the competitiveness index according to industry, ‘Artificial intelligence·Intelligent Robots·Autonomous driving (a)’, ‘Blockchain·Fintech (d)’, ‘Bio-health (f)’, and ‘Big data·Cloud (c)’ possessed high competitiveness. The ‘Internet of Things·5G (b)’, ‘3D printing·Virtual reality (g)’, and ‘New materials·Energy (e)’ industries were the least competent industries. Optimal strategies derived through an analysis of the competitiveness index are as follows: the S-O (Strength-Opportunity) strategy was optimal for industries such as ‘Internet of things·5G (b)’, ‘Big data·Cloud (c)’, ‘Bio-health (f)’, the S-T (Strength-Threat) strategy was optimal for ‘Artificial intelligence·Intelligent Robots·Autonomous driving (a)’, ‘Blockchain·Fintech (d)’ and ‘New materials·Energy (e)’. Finally, the W-T (Weakness -Threat) strategy should be prioritized for the ‘3D printing·Virtual Reality (g)’ industry. The implication of the study outlined above is that policies supporting the strengths and weaknesses of a company must be established beforehand for Korean venture companies to secure competitiveness in the fourth industrial revolution. First, it is of the utmost importance to develop a business faster by utilizing the excellent ICT infrastructure of Korea. Second, the Korean government should take a leading role in mediating the sharing of the resources (manpower, technology, equipment, etc.) that are available from each university, company, and research institute. Third, the government should prepare a technology development roadmap for commercialization as well as source technology for the fourth industrial revolution.

Digital competency factor analysis among the digital native generation

“…As such, among the competencies required for talents in the knowledge and information society, digital competencies are being emphasized. Securing digital capabilities is important as well as checking the current infrastructure of Korea as it is expected that the presence or absence of market-leading advanced technology will determine the success or failure of individuals and nations in the future (Lee and Lee, 2022). Since 2018, Korea has implemented digital competency cultivating classes such as 'Computing Thinking Skills' in regular elementary and secondary education courses.…”

Avances en investigación científica. Tomo IV: Ciencias multidisciplinarias

“…Se sugiere una estrategia DAFO (Fuerza, Debilidad, Oportunidad, Amenaza), así como un plan de acción en el que el gobierno y las partes relacionadas se preparan para asegurar la competitividad global. Mediante la técnica AHP (Analytic Hierarchy Process) mostraron que la importancia de los 4 cuadrantes DAFO podía ordenarse como fuerza (48%) → oportunidad (25%) → amenaza (16%) → debilidad (11%) (D. Lee & Lee, 2022).…”

Impact of Strategic Analysis (SWOT) on the Performance of Jordanian Public Shareholding Industrial Companies: The Mediating Role of Scenario Planning

“…Ghazinoory et al [26] argued that SWOT analysis is preferred because it presents a simple mechanism to align current and future potential opportunities with strengths and avoid threats by minimizing the effects of internal weaknesses. Whereas Lee and Lee [2] saw SWOT analysis as the essence of an organisation for resource and competency-based planning. Hill et al [8] underlined the advantages of SWOT analysis in developing strategies that are suitable to the changes in the external environment (the general and task environments) while maximizing the advantages of the internal factors.…”

“…According to Kim and Han [1] during COVID-19, the rate of change in the economic modality has recently accelerated, resulting in unpredictability that crosses local market boundaries to reach the global scope. Lee and Lee [2] demonstrated that traditional competition games cannot be used to operate and compete in organizations. Survival, growth, and excellence aren't easy goals to reach if organizations don't know what changes might happen in the outside world and act as quickly as they can.…”