Title : Barriers Adapting to the Fourth Industrial Revolution in Emerging Economies: Bangladesh Study.

Authors : Quazi Tafsirul Islam, Md Asif Hossain, Faseeha Zabir, Rifat Iqbal

Abstract : Purpose of the research: Bangladesh is one of the fastest-growing economies in the world; much of its development over the last few decades has been credited primarily to sector-specific developments like RMG and SME sector organic growth over the years. With the fourth industrial revolution already taking place around the globe, it will be even more challenging to maintain the growth sustainably. The purpose of this work is to explore the possible barriers to Bangladeshi companies joining the global race of the fourth industrial revolution and how Bangladesh can utilize its sixty one million working population to achieve that growth. Design/Methodology: The study was conducted based on primary data. We interviewed RMG and SME business owners, senior-level management employees, industry consultants and attempted to anticipate possible causes for not adapting to new and more efficient technology in Bangladesh. We also used the documentary research method to assess the current level of awareness and challenges among the business owners about the next industrial revolution. Results/Findings: We found through our research that although government agencies, business entities, and industrial bodies have offered some seminars, sessions of the fourth industrial revolution to raise awareness among business owners and decision-maker. It still remains insufficient. Raising awareness alone would not address the lack of information and guidance among business owners. The lack of industry research in this area also indicates a gap in availability of information to prioritize the adoption of fourth industrial revolution. We also found specific issues that 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 towards technology adaptation in Bangladesh. Practical implication/Conclusion: There is a huge research gap that exists in this specific field, especially in Bangladesh. Implications from this research could be significant for business owners and government bodies who assist in nurturing industries in Bangladesh. Addressing the barriers would facilitate timely adoption of the fourth industrial revolution. This allows businesses to adapt, change, and address the issues while preparing themselves to spearhead the next industrial revolution resulting in a positive impact on achieving and sustaining economic growth for Bangladesh.

Journal : Volume : Year : 2020 Issue :
Pages : City : Dhaka Edition : Editors :
Publisher : Institute of Business Administration, Dhaka University ISBN : Book : Chapter :
Proceeding Title : Conference Proceedings of Management of Innovation and Sustainability: Vision 2041 Institution : Issuer : Number :