Navigating the Industry 4.0 frontier: Unveiling perceived risk and cost moderators in technology adoption

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The advent of Industry 4.0 (I4.0) brought about significant transformations within the realm of business management. Industries are increasingly adopting innovative practices and implementing smart supply chain operations through the adoption of I4.0 technologies. Therefore, this study aims to investigate the factors that influence the adoption of I4.0 in supply chain operations. To accomplish this, an extended unified theory of acceptance and use of technology (UTAUT) model was applied, with perceived risk and cost acting as moderators in the context of the manufacturing sector. The study used a quantitative research methodology, with a sample size of 276 participants who held managerial positions at various levels within the sector. The data were obtained through the use of a structured questionnaire employing a judgmental sampling technique. The findings of the study revealed that both social influence and facilitating conditions had a significant impact on the adoption of I4.0. However, the relationship between social influence and I4.0 adoption was only moderated by perceived risk and cost. The aforementioned findings indicate that it is imperative that firms give precedence to the establishment of a conducive environment and culture that nurture innovation and promote the assimilation of cutting-edge technologies. Furthermore, it is essential for individuals to prioritize the establishment of strong networks and collaborations in order to effectively leverage the advantages offered by the I4.0. The implications of this study offer valuable insights for policymakers, practitioners, and researchers in the field of I4.0 and technology adoption. These insights pertain to the significant factors that influence the decision to adopt I4.0 and the anticipated applications of I4.0 within the supply chain.