Industry 4.0: Challenges, Opportunities, and Strategic Solutions for Bangladesh

Abstract

In the recent decade, the term Industry 4.0 or Fourth Industrial Revolution is a common buzzword represents the adoption of disruptive digital technologies (Internet of things, Big Data, 3D printing, Cloud computing, Autonomous robots, Virtual reality, Augmented reality, Self-driving car, Cyber-physical system, Artificial intelligence, Smart sensors, Nanotechnology, Drones, and Biotechnology, etc.) in the production process which is transforming the manufacturing units into smart factories and experiencing a great change in the global value chain. Moreover, these revolutionary digital technologies have a profound impact on the economy, growth, globalization, governments, international trade, global supply chain, and human capital transformation, etc. The present review study aims to explore the impact, challenges, and opportunities of the fourth industrial revolution based on empirical findings specially and extensively in the context of Bangladesh. The study finds regardless of having enormous potentiality, the application of the fourth industrial revolution is far lagging for some challenges i.e. lack awareness, insufficient capital, lack of infrastructure, lack of skilled human capital, and some socio-economic challenges. This review paper will also develop conceptual links with the relevant aspect of strategic planning and application of key industry 4.0 technologies and help to formulate future policy guidelines regarding opportunities, application, and strategic decision making for the fourth industrial revolution in Bangladesh.

Exploring contributions of drones towards Industry 4.0

“…For product design and production efficiency, the drone has turned its attention to supply chain management. The supply chain leaders at this company are working to reduce costs and improve responsiveness while strengthening the supply chain, increasing order fulfilment rates and decreasing response times while reducing overall warehousing costs and increasing the efficiency of transportation networks (Yi and Moon, 2019; Nhamo et al , 2020; Bhuiyan et al , 2020; Sookram et al , 2021). Augmented reality and visualisation techniques are used to maintain contact with service professionals.…”

Construction of a Wireless Sensing Network System for Leisure Agriculture for Cloud‐Based Agricultural Internet of Things

“…The business has also won awards and support [10]. Agriculture is divided into four main types: agroforestry park type, food and culture type, rural landscape ornamental and mountain-dwelling type, and lifelong learning type, the model combined with IoT technology has opened new paths for the development of agriculture, and the pilot program of deploying wireless LAN in farmland and using it to map plant growth and enable remote control of greenhouses to increase productivity and save labor has been well results [11]. The potential of selforganizing wireless sensor network technology in experimental animal research was explored by studying the effect of the environment on animal body temperature [12].…”

Bangladesh toward Digital Financial Inclusion: FinTech Experience

“…In this fourth industrial revolution, since the world is experiencing more flexible product lines, more efficient use of resources, increased productivity with the adoption of disruptive technological tools and cyber-physical systems (artificial intelligence, robotics, the internet of things (IoT), nanotechnology, biotechnology, quantum computing etc. ), Bangladesh is also moving toward a cashless economy with a surge in digital transactions (Bhuiyan et al, 2020).…”

“…In short, 'FinTech,' such financial technologies, has gained popularity worldwide since 2014 (Lai & Samers, 2020). Bangladesh, a country in south-east Asia, is the fastest-growing economies in this region with the highest economic growth of 8.2 percent in 2019 (Note 1) and is projected to be the twenty-eighth biggest economy in the world by 2030 (Bhuiyan et al, 2020). It is a matter of distress that the context of financial inclusion in Bangladesh is far from achieving its journey with the Maya declaration in 2011 (Note 2).…”