Unleashing the process of Industry 4.0 adoption: a resource-based view and new stakeholder theory approach

Purpose The purpose of this research is to advance the conceptual and practitioner understanding concerning the maximisation of Industry 4.0 technologies industries in an emerging economy. The study first examines the internal resources that companies possess to implement Industry 4.0 effectively and, second, identifies the critical gaps that necessitate external resources, both at the industry and government levels. Design/methodology/approach The study embraces qualitative and inductive approaches with semi-structured interviews conducted with 112 company leaders representing nine industries and operating in various cities/regions of Vietnam. Findings The data analysis helped unveil 16 critical dimensions. Notably, the organisation-developed competences dimension illuminates the understanding regarding firms’ available internal resources, while the financial management and technological leap ability dimensions help explain firms’ required resources. More broadly, the business community unity and business community learning dimensions ascertain the significance of industry-level support, while the technological sponsorship and legal framework guide dimensions underline government support. Originality/value First, the study unpacks various key aspects of their daily, mid- and long-term operations associated with their current internal resources, gaps identified and the support they require to progress within the Industry 4.0 environment. Second, the study proposes a framework that advances the extant conceptual understanding of operational, strategic, managerial and production aspects among firms operating in an emerging economy. Third, it focuses on companies operating in nine industries in an emerging economy. Fourth, the study contributes to addressing various extant research gaps.