Business Excellence In Industry 4.0 Sub-Track: Operations & SCM
‘Business Excellence’ as a concept is based on the principles of Total Quality Management. Business Excellence aims at assessing and enhancing the overall organizational performance. It lays emphasis on the performance of all aspects of a business organization and focuses on the welfare of all stakeholders. Several Business Excellence Models or frameworks exist globally as well as in India. In India, most of these frameworks are adapted versions of global frameworks. These frameworks provide guidance to the organizations in their journey towards overall excellence. These frameworks have been applied, tested and have proven to be very effective in achieving the desired business results and stakeholder value. However, with the advent of Industry 4.0, the industry systems & the business environment are changing significantly. This research paper attempts to comment on the relevance of the existing Business Excellence Frameworks in Industry 4.0. It also tries to explore the relationship between the maturity of the organization in implementing a Business Excellence Framework and its level of readiness for adopting Industry 4.0. The research methodology largely relies on sampling, collection of primary data using a questionnaire, followed by quantitative analysis, validation of results by qualitative analysis and conclusions. The study reveals that the existing Business Excellence Frameworks are robust enough and will remain relevant in Industry 4.0 environment. It also highlights that there is a low degree of association between the maturity of an organization in implementing a Framework and the readiness of the organization to adopt Industry 4.0.