Challenges of Adapting to the Fourth Industrial Revolution in Emerging Economies: A Bangladesh CASE

Abstract

Throughout the world, the fourth industrial revolution is taking place around the globe creating several challenges for businesses to operate sustainably. This work intends to explore the possible barriers to Bangladeshi companies joining the global race of the fourth industrial revolution and aims to understand the overall challenge faced in emerging economies throughout the world. The study utilizes empirical data to understand and establish the findings. We interviewed RMG and SME business owners, senior-level management employees, industry consultants and attempted to anticipate possible causes for not adapting to new technologies for automation and digitization. We found through our research that despite government attempts to create awareness, there is still lack of leadership and guidance among business owners. Moreover, inadequate industry research in this area also indicates a gap in availability of information to prioritize the adoption of fourth industrial revolution. Specific issues include poor infrastructure, lack of awareness, availability of cheap labor, resistance to change, lack of government support, lack of organizational capabilities, lack of readiness of leadership, lack of skilled workforce to be pivotal causes for workers’ attitudes toward technology adaptation in Bangladesh. Addressing the barriers would facilitate timely adoption of the fourth industrial revolution.