Internet of Things Implementation Project in Industry 4.0: Opportunities and Challenges

Objective: In Industry 4.0, Internet of Things (IoT) is considered a basic technology that can be used in several areas, from to real-time equipment monitoring and control to other services, but its implementation is surrounded by challenges. The objective of this study is to analyze the most relevant opportunities and challenges in the IoT implementation projects. Method: The methodology used was literature review and field research developed in two manufacturing plants. To classify the opportunities and challenges under study, the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), a multicriteria decision-making method (MCDM), was used. Results and Discussion: The main opportunities identified were: IoT helps reduce production costs, and IoT technology reduces production waste, and the main challenges were: there is uncertainty about the return on investment in IoT, and the lack of professional qualifications hinders/prevents the implementation of IoT. Research Implications: A practical and theoretical implication of this research is to present concerns about the possibility of having cleaner production practices in parallel with cost reduction in IoT implementation projects. Originality/Value: The theoretical relevance of this study is to classify opportunities and challenges according to their degree of importance. The practical contribution is to help those responsible for IoT implementation projects, so that they can try to maximize opportunities and minimize challenges.