Open-mindedness culture, knowledge-sharing, financial performance, and industry 4.0 in smes

Due to limited resources, the implementation of Industry 4.0 solutions is a big challenge in small-and medium-sized enterprises (SMEs). Therefore, it is important to identify the factors that facilitate such implementation. However, empirical research in this area is insufficient. The purpose of this article is to investigate whether open-mindedness culture, knowledge-sharing, and financial performance have a significant impact on willingness to implement Industry 4.0 in SMEs. To achieve the purpose of the article, quantitative research was conducted. Data from 562 Polish manufacturing SMEs were collected and analyses were performed using partial least squares path modeling (PLS-PM). The study results reveal that open-mindedness culture has both a direct and indirect (through knowledge sharing) impact on willingness to implement Industry 4.0 in SMEs. Results suggest that in terms of micro-enterprises, open-mindedness is more important and knowledge-sharing is less important for willingness to implement Industry 4.0 than in larger enterprises. Moreover, regardless of the company size, financial performance is positively related to willingness to implement Industry 4.0. The research results provide SME managers with guidelines on what activities within the company should be strengthened if the goal of the company is to implement Industry 4.0 solutions.