The MCDM-based Assessment of Solutions for Transition to Sustainable Industry 4.0: The Case of Serbia

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Popovic et al. - Economic Analysis.pdf (573.62 KB)

Date

2024

Authors

Popović, Gabrijela
Fedajev, Aleksandra
Stanujkić, Dragiša

Journal Title

Journal ISSN

Volume Title

Publisher

Institut ekonomskih nauka, Beograd

Source

Economic Analysis

Volume

57

Issue

2

Abstract

Industry 4.0 implies the transformation of organizations into digital entities. It represents a new level of industrial development that has changed demands, competition, industry structure, and sustainability awareness. The primary objective of this paper is to use Multiple-Criteria Decision Making (MCDM) to identify the principal obstacles and solutions for successfully adopting the technologies that will facilitate a transition of the Serbian industry to sustainable Industry 4.0. The barriers' significance was defined using the Preference Selection Index – PSI. The assessment of the solutions was performed by three decision-makers using the following MCDM methods: PSI, Compromise Ranking of Alternatives from Distance to Ideal Solution – CRADIS, and Integrated Simple Weighted Sum-Product Method—WISP. The results revealed that logistics, reverse logistics management, and technology integration are the most significant barriers. The significance of logistics and warehousing management lies in their role as crucial facilitators for the sustainable development of industries, ensuring efficient and responsible movement, storage, and distribution of goods. Also, the application and development of new technologies can improve efficiency and reduce the environmental impact of the Serbian industry. Based on the MCDM methods, the framework enabled the assessment of the barriers and solutions for technology adoption in light of the current business conditions in the Republic of Serbia. Managers and policymakers can easily perceive the main obstacles and optimal actions needed to fulfill the requirements of Industry 4.0 and promote sustainable operations.

Description

Keywords

Sustainable Industry 4.0, PSI, WISP, CRADIS, technologies

Citation

DOI

10.28934/ea.24.57.2.pp1-16

Scopus

ISSN

1821-2573
2560-3949

ISBN

URI

https://repozitorijum.tfbor.bg.ac.rs/handle/123456789/5953

License

CC-BY
http://creativecommons.org/licenses/by/4.0/

Collections

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