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Articles 1 - 30 of 157
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Do Firms With Technological Capabilities Rush In? Evidence From The Timing Of Licensing Of Stanford Inventions, Young-Choon Kim, Reddi Kotha, Mooweon Rhee
Do Firms With Technological Capabilities Rush In? Evidence From The Timing Of Licensing Of Stanford Inventions, Young-Choon Kim, Reddi Kotha, Mooweon Rhee
Research Collection Lee Kong Chian School Of Business
This study investigates the influence of licensees’ technological capabilities on the timing of technology licensing in university technology commercialization. Drawing on the appropriation-collaboration tension from the literature on university technology licensing and intellectual property management, we propose that while the licensee’s technological capabilities drive early licensing by averting technological obsolescence, this effect diminishes significantly with an overlap in the technological domain of the focal invention due to expropriation concerns. Cox regression analysis of Stanford University’s invention dataset confirmed our hypotheses. This research reveals that technology licensing experiences delays with the most suitable licensees, namely, those with strong technological capabilities in …
How Deep-Level And Surface-Level Board Diversity, Formal And Informal Social Structures Affect Innovation, Guoli Chen, Po-Hsuan Hsu, Yen Teik Lee, Daniel Z. Mack
How Deep-Level And Surface-Level Board Diversity, Formal And Informal Social Structures Affect Innovation, Guoli Chen, Po-Hsuan Hsu, Yen Teik Lee, Daniel Z. Mack
Research Collection Lee Kong Chian School Of Business
Despite a growing interest in understanding how board diversity shapes firms’ innovation, findings about the impact of board diversity have remained mixed. In this paper, we conceptualize board diversity as two forms – deep-level and surface-level – and find that these two forms of board diversity have opposing effects on a firm's innovation. We also theorize how formal and informal social structures can strengthen the positive effect of deep-level diversity yet simultaneously weaken the negative impact of surface-level diversity. We test our hypotheses with a panel of 42,432 firm-year observations from 2000 to 2019. Our paper contributes to the literature …
Innovation In Dynamic Knowledge Landscapes: Using Topic Modelling To Map Inventive Activity And Its Implications For Financial Performance, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George
Innovation In Dynamic Knowledge Landscapes: Using Topic Modelling To Map Inventive Activity And Its Implications For Financial Performance, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George
Research Collection Lee Kong Chian School Of Business
We examine the relationship between innovation and performance in the agricultural industry by studying how a firm's patent portfolio position in the knowledge landscape moderates the relationship between three firm search dimensions (scope, specialisation, and commitment) and the firm's financial performance. To represent dynamism in the knowledge landscape, we apply topic modelling to 67,120 patent texts of 571 firms and introduce two complementary perspectives on how knowledge can be dynamically categorised. This allows us to create two representations of the knowledge structure to identify contested (scarce) clusters of high (low) recent inventive activity and emergent clusters where knowledge ambiguity has …
Deploying Business Ecosystems To Cope With Ecological Transformation, Arnoud Cyriel Leo De Meyer
Deploying Business Ecosystems To Cope With Ecological Transformation, Arnoud Cyriel Leo De Meyer
Research Collection Lee Kong Chian School Of Business
At a time when businesses must innovate quickly and in support of sustainability, "going it alone" is no longer the most effective or efficient model. Business ecosystems – networks of companies, researchers and other stakeholders each involved in a given value chain – offer an effective route to companies seeking not only to find new advantages, but to drive wider systemic change. When innovation takes place through ecosystems, often, the results are faster to diffuse through an industry or value chain. To address needs of the ecological transformation like the transition to clean fuels, this is exactly what is needed; …
Money Changers Have Their Own Fintech Disruption To Grapple With, Aurobindo Ghosh
Money Changers Have Their Own Fintech Disruption To Grapple With, Aurobindo Ghosh
Research Collection Lee Kong Chian School Of Business
In a commentary, SMU Assistant Professor of Finance (Education) and Director of the Citi Foundation-SMU Financial Literacy Programme for Young Adults Aurobindo Ghosh discussed the outlook for money changers in a world of multi-currency apps. He however noted money changers still have a role to play, and shared his views on how money changers can respond to technological disruption.
Constrained By Localized Attention Focus: The Negative Effect Of Firm-Specific Knowledge On Exploratory Firm Innovation, Bilian Ni Sullivan, Kaixian Mao, Heli Wang
Constrained By Localized Attention Focus: The Negative Effect Of Firm-Specific Knowledge On Exploratory Firm Innovation, Bilian Ni Sullivan, Kaixian Mao, Heli Wang
Research Collection Lee Kong Chian School Of Business
Integrating the resource-based view (RBV) and attention-based view (ABV), this study explores the impact of firm-specific knowledge (FSK) on a firm's exploratory innovation and the role of government support in this process. We argue that firms with a high degree of specificity in their knowledge assets tend to have a more localized attention focus, leading to those firms with less exposure to distant and diverse information and knowledge. Consequently, such firms are likely to have reduced exploratory innovative outputs. However, government resource support could expand a firm's attention focus beyond local searches, mitigating its negative effects. Based on a unique …
From Hype To Reality: A Critical Analysis Of Blockchain-Based Regenerative Finance, Simon J.D. Schillebeeckx, Marco Schletz
From Hype To Reality: A Critical Analysis Of Blockchain-Based Regenerative Finance, Simon J.D. Schillebeeckx, Marco Schletz
Research Collection Lee Kong Chian School Of Business
The authors dive deep into the field of ReFi, a concept that enhances financial practices through decentralization and focuses on environmental and societal systems. The authors highlight several key problems of the space and point out that genuinely disruptive ReFi models are still in their infancy. The good news is that ReFi’s potentials are manifold and exciting. In the not-too-distant future, we might see financial applications backed by blockchain that can enhance data credibility, exchangeability, and transparency to redefine how corporations create and apportion environmental value.
Gender Bias In Cultural Tightness Across The 50 U.S. States And Its Links To Gender Inequality In Leadership And Innovation, Xin Qin, Roy Y. J. Chua, Ling Tan, Wanlu Li, Chen Chen
Gender Bias In Cultural Tightness Across The 50 U.S. States And Its Links To Gender Inequality In Leadership And Innovation, Xin Qin, Roy Y. J. Chua, Ling Tan, Wanlu Li, Chen Chen
Research Collection Lee Kong Chian School Of Business
Cultural tightness theory, which holds that “tight” cultures have rigid norms and sanctions, provides unique insights into cultural variations. However, current theorizing has not analyzed gender differences in cultural tightness. Addressing this gap, this research shows that women are more constrained than men by norms within the same society. By recruiting 15,425 respondents, we mapped state-level gender bias in cultural tightness across the United States. Variability in gender bias in cultural tightness was associated with state-level socio-political factors (religion and political ideology) and gender-related threats. Gender bias in cultural tightness was positively associated with state-level gender inequality in (business and …
The Persuasive Design Of Ai-Synthesized Voices, Hannah H. Chang, Anirban. Mukherjee
The Persuasive Design Of Ai-Synthesized Voices, Hannah H. Chang, Anirban. Mukherjee
Research Collection Lee Kong Chian School Of Business
We investigate the impact of AI-based, machine-synthesized narrating voices on consumer cognitions and behavior in media-rich environment. Across four studies (plus pretests), we show that the design of AI voices systematically and predictably affects consumer cognition and behavior. Specifically, the designs of AI voices have differential effects in early versus later stages of consumer purchase journey. In situations where the consumers’ attention is already directed to the message, we find that marcomm with more AI voices generates a smaller proportion of favorable thoughts, which leads to a lower purchase likelihood. These results support our conceptualization that hearing more AI voices …
Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany
Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany
Research Collection Lee Kong Chian School Of Business
Due to the COVID-19 pandemic, the entertainment sector saw a worldwide disruption with restrictions on outdoor activities. Consequently, consumers turned towards video and music streaming services for their entertainment consumption. Several film studios have taken the digital release route on over-the-top (OTT) sites to avoid revenue losses and indefinite delays. However, these non-theatrical OTT film releases need to experiment with different strategies to bring the experiences to par with theatrical ones. This exploratory study aims to provide insights on whether Immersive Cinema can be used to imitate the physical world through digital simulation on OTT platforms to gain credibility in …
Nature Tech: A Nascent Ecosystem, Simon J.D. Schillebeeckx
Nature Tech: A Nascent Ecosystem, Simon J.D. Schillebeeckx
Research Collection Lee Kong Chian School Of Business
When people talk about climate tech, they tend to mean carbon tech. It’s all carbon tunnel vision: Carbon footprint, carbon equivalent, carbon credit, carbon compensation, carbon emission reductions, carbon offsets, decarbonization and so on. By extension, the entire debate about energy transition, energy transformation, clean power and green energy is similarly a debate that is largely held within the carbon tunnel. Make no mistake about it. These are important topics to address. The energy transition will not only prevent catastrophic climate change but have massive benefits for human health by tackling fossil-fuel induced air pollution at the source.As the above …
Collaboration Scope And Product Innovation In B2b Markets: Are There Too Many Cooks Or Is It The Customer Who Spoils The Broth?, Erik Mooi, Ernst C. Osinga, Carlos D. Santos
Collaboration Scope And Product Innovation In B2b Markets: Are There Too Many Cooks Or Is It The Customer Who Spoils The Broth?, Erik Mooi, Ernst C. Osinga, Carlos D. Santos
Research Collection Lee Kong Chian School Of Business
Purpose: Product innovations are often the result of combinations of internal and external knowledge. A significant amount of Open Innovation literature has argued that working with external partners can be beneficial, in particular when this is complemented by internal R&D yet a wholesale shift to Open Innovation has not occurred. Our work demonstrates two new limits of openness, grounded in attention-based theory, that help explain why such a shift has not occurred. We argue that specific combinations of identities a firm collaborates with, i.e., whether a partner is classified as a customer, supplier, competitor, or university and/or technological center predictably …
Decentralizing Money: Bitcoin Prices And Blockchain Security, Emiliano Sebastian Pagnotta
Decentralizing Money: Bitcoin Prices And Blockchain Security, Emiliano Sebastian Pagnotta
Research Collection Lee Kong Chian School Of Business
We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin's design leads to multiple equilibria: the same blockchain technology is consistent with sharply different price and security levels. Bitcoin's monetary policy can lead to welfare losses and deviations from quantity theory. Price-security feedback amplifies fundamental shocks' volatility impact and leads to boom and busts unconnected to fundamentals. We characterize how viability versus fiat currency depends on bitcoin's relative acceptability and inflation protection.
Future-Proofing Students In Higher Education With Unmanned Aerial Vehicles Technology: A Knowledge Management Case Study, Thomas Menkhoff, Siew Ning Kan, Eugene K. B. Tan, Shaohui Foong
Future-Proofing Students In Higher Education With Unmanned Aerial Vehicles Technology: A Knowledge Management Case Study, Thomas Menkhoff, Siew Ning Kan, Eugene K. B. Tan, Shaohui Foong
Research Collection Lee Kong Chian School Of Business
In this paper we report experiences in implementing a new course ‘Understanding Drone & Robotics Technology – History, Usage, Ethics & Legal Issues’ at the Singapore Management University framed as a strategic knowledge management (KM) initiative in an institution of higher learning aimed at capturing, sharing and creating new knowledge about disruptive technologies such as unmanned aerial vehicles. We posit the new course as a knowledge innovation initiative (similar to a KM-enabled business case in a corporate setting) in support of the university’s mission and vision so as to deliver new value to students and to stay ahead of the …
Leveraging Reward-Based Crowdfunding During Covid-19, Hannah H. Chang, Erin Jasmine Guillermo, Colin Chai
Leveraging Reward-Based Crowdfunding During Covid-19, Hannah H. Chang, Erin Jasmine Guillermo, Colin Chai
Research Collection Lee Kong Chian School Of Business
Over the last year, Singapore firms have faced unforeseen market disruptions created by the Covid-19 pandemic. Worldwide country lockdowns, supply chain disruptions, and restrictions on business operations due to public health and safety measures posed non-trivial challenges. Many companies scampered to find alternative sources of revenue and ramp up their efforts at digitalisation - or risk the possibility of business closure.
Technology Lends A Hand To Green E-Commerce, Hao Liang, Sin Mei Cheah
Technology Lends A Hand To Green E-Commerce, Hao Liang, Sin Mei Cheah
Research Collection Lee Kong Chian School Of Business
The world has witnessed an e-commerce boom in the past 2 decades, and Asia-Pacific is now driving the latest wave of growth. The Covid-19 pandemic has further accelerated consumers' growing preference for online consumption, with the Asia-Pacific region raking US$230 billion in online retail sales in 2020. This article is adapted from the authors' teaching case study - Alibaba Cainiao's Smart Green Logistics Strategy: Good for the Earth, Good for the Business.
Artificial Intelligence As Augmenting Automation: Implications For Employment, F. Ted Tschang, Esteve Almirall
Artificial Intelligence As Augmenting Automation: Implications For Employment, F. Ted Tschang, Esteve Almirall
Research Collection Lee Kong Chian School Of Business
There has been great concern in recent years that artificial intelligence (AI) may cause widespread unemployment, but proponents say that AI augments existing jobs. Both of these positions have substance, but there is a need is to articulate the mechanisms by which AI may actually do both, and in the process, transform work and business organizations alike. We use economic studies showing past transformations automation wrought on the structure of employment and skills (such as the favouring of nonroutine skills) to articulate a ground for discussion. We then use case evidence of AI and automation to show how AI is …
Smart Manufacturing And Its Implications For Singapore's Smes, Thomas Menkhoff, Surianarayanan Gopalakrishnan
Smart Manufacturing And Its Implications For Singapore's Smes, Thomas Menkhoff, Surianarayanan Gopalakrishnan
Research Collection Lee Kong Chian School Of Business
While Covid-19 and the climate catastrophe continue to make headlines, local small and medium-sized enterprises (SMEs) are quietly setting the gears of Smart Manufacturing in motion with a strategic focus on digitising and automating production processes powered by "Industry 4.0" (I4.0) ready business models. A shared view among several interviewees we talked to recently in the context of an ongoing study on the impact of I4.0 on the business models of local manufacturers is that Industrial Internet-of-Things (IIoT), machine learning, visual computing, automation and digital twining are deemed of great importance for the long-term competitiveness of Singapore's manufacturing ecosystem on …
Digital Sustainability And Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change And Sustainable Development, Gerard George, Ryan K. Merrill, Simon J. D. Schillebeeckx
Digital Sustainability And Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change And Sustainable Development, Gerard George, Ryan K. Merrill, Simon J. D. Schillebeeckx
Research Collection Lee Kong Chian School Of Business
We explore how digital technologies are helping address grand challenges to tackle climate change and promote sustainable development. With digital technologies, entrepreneurial organizations have adopted innovative approaches to tackle seemingly intractable societal challenges. We refer to these broadly as digital sustainability activities. By focusing on the digital toolbox employed by pioneering organizations, we propose a research agenda that generates novel questions for entrepreneurship, business models, and ecosystems as well as new ways of thinking about trust and institutional logics. We believe that digital sustainability can spur empirical advances in entrepreneurship, innovation, and strategy with potential for positive impact on society.
Turning The Tables In Research And Development Licensing Contracts, Niyazi Taneri, Pascale Crama
Turning The Tables In Research And Development Licensing Contracts, Niyazi Taneri, Pascale Crama
Research Collection Lee Kong Chian School Of Business
Research and development (R&D) collaborations between an innovator and her partner are often undertaken when neither party can bring the product to market individually, which precludes value creation without a joint effort. Yet, the uncertain nature of R&D complicates the monitoring of effort, and the resulting moral hazard reduces a collaboration’s value. Either party can avoid this outcome by acquiring the capability that is missing and then taking sole ownership of the project. That approach involves two types of risks: one related to whether the other party’s capability will be acquired and one related to how well it will be …
Case Study: National Library Board Singapore: Delivering Cost-Effective Service Excellence Through Innovation And People, Jochen Wirtz, Thomas Menkhoff
Case Study: National Library Board Singapore: Delivering Cost-Effective Service Excellence Through Innovation And People, Jochen Wirtz, Thomas Menkhoff
Research Collection Lee Kong Chian School Of Business
The National Library Board (NLB) Singapore is a statutory board that managed to become a serial innovator. Its globally leading innovations in the library context include shelf-reading robots, and even entirely self-service libraries. NLB’s consistent focus on excellent service delivery reinforced its commitment to innovation. Key levers were effective strategic leadership, a smart innovation strategy that made heavy use of technology — such as app-delivered self-service technologies, crowdsourcing, and robotics — as well as a people-centric staff culture. NLB managed to co-create attractive libraries of the future together with different types of community members, such as volunteers and corporations, ushering …
Regeneration First, Simon J.D. Schillebeeckx, Ryan Knowles Merrill
Regeneration First, Simon J.D. Schillebeeckx, Ryan Knowles Merrill
Research Collection Lee Kong Chian School Of Business
30 years of "corporate sustainability" has left our earth in a dire state. Biodiversity loss, planetary fever, floods, wildfires, droughts, melting ice caps, dying corals… the list goes on. We need a new approach. I’m sure you heard about a carbon footprint. It is the sum of all the actions we take that have a negative impact on the planet. We consume electricity, we drive to work, we fly to our holiday destination, we waste food and plastic and so on. All these actions create a negative impact that can be expressed in CO2 equivalent. The more CO2 ends up …
Experience Base, Strategy-By-Doing And New Product Performance, Liang Chen, Mengmeng Wang, Lin Cui, Sali Li
Experience Base, Strategy-By-Doing And New Product Performance, Liang Chen, Mengmeng Wang, Lin Cui, Sali Li
Research Collection Lee Kong Chian School Of Business
Research Summary Strategy research views firms' diverse experience base as critical to new product success. It also champions strategy-by-doing in entrepreneurial settings. This study juxtaposes and bridges these two perspectives to better understand product development. We propose that while a firm's product portfolio diversity contributes to new product success only to a certain degree, design iteration-a postlaunch strategy-by-doing approach-is positively associated with new product performance. Our core contribution points to a complementary relationship: strategy-by-doing helps mitigate the capacity constraints problem that prevents firms from successfully adapting product development capabilities to a dynamic market. Our analysis of a sample of 2,182 …
Inspire But Don't Interfere: Managerial Influence As A Double-Edged Sword For Innovation, Fabiola Gerpott, Ronald Bledow, Jana Kuehnel
Inspire But Don't Interfere: Managerial Influence As A Double-Edged Sword For Innovation, Fabiola Gerpott, Ronald Bledow, Jana Kuehnel
Research Collection Lee Kong Chian School Of Business
Managers play a pivotal role in the innovation process; yet, the mechanisms through which managers enhance or undermine innovation are not well understood. Drawing upon self-concordance theory, we argue that managers can augment employees' self-concordance—defined as the congruence of goals and actions with inner values and preferences—through transformational behavior and thereby contribute to innovation. However, transformational behavior is closely coupled to another form of influence, namely, process management, the attempt to directly manage innovation-related activities. This form of managerial influence reduces employees' self-concordance and thereby undermines innovation. We test our conceptual model in a sample of 188 innovation projects using …
Design Thinking As A Means Of Citizen Science For Social Innovation, Hoe Chin Goi, Wee Liang Tan
Design Thinking As A Means Of Citizen Science For Social Innovation, Hoe Chin Goi, Wee Liang Tan
Research Collection Lee Kong Chian School Of Business
Members of the public or community can play a significant role in the development of social innovations. When a social innovation is developed involving a scientific approach and the community, there is the confluence of two fields-citizen science and social innovation. Social innovations can be developed through the employment of design-thinking. In this paper, we advocate design thinking as an approach to marry the two fields for a desired outcome of improved community life in ageing housing estates in Tokyo. The two fields, citizen science and social innovation, are described in brief before the design thinking method is introduced and …
Academic Leadership Qualities Towards Innovation Endeavours In An Organisation: A Comparative Study Of Malaysia And Singapore Perceptions, Cheng Sim Quah, Sandra Phek Lin Sim, Wee Liang Tan
Academic Leadership Qualities Towards Innovation Endeavours In An Organisation: A Comparative Study Of Malaysia And Singapore Perceptions, Cheng Sim Quah, Sandra Phek Lin Sim, Wee Liang Tan
Research Collection Lee Kong Chian School Of Business
This study employed mixed methods to explore the comparison between Malaysia and Singapore in terms of the contribution of leadership qualities and impacts towards innovation endeavours. Besides that, it also examined the significant relationship between leadership qualities and innovation endeavours in both countries. Findings revealed that operational focus and quality measurement qualities make the strongest unique contribution to explaining the variance, emphasising the importance of innovation. Findings also showed that innovation endeavours have promising impacts on Malaysia and Singapore university students towards enhancing, inspiring and motivating their learning, besides providing them a sense of self-improvement, self-motivation, self-satisfaction, self-efficiency and a …
Digital Sustainability And Its Implications For Finance And Climate Change, Gerard George, Simon J.D. Schillebeeckx
Digital Sustainability And Its Implications For Finance And Climate Change, Gerard George, Simon J.D. Schillebeeckx
Research Collection Lee Kong Chian School Of Business
As the pandemic forced the entire world to a virtual standstill, nature revived a little. The US emitted 10.3% less CO2 in 2020 than in 2019 and other regions similarly experienced emission declines. Depending on the source, global carbon emissions were down between 4 and 8% in 2020.2 Consumers globally have expressed more concern about sustainability, an observation confirmed by large survey research by Accenture, Kantar, Boston Consulting Group (BCG), and Ipsos.3 In its latest Emissions Gap Report4 , the UN Environment Programme (UNEP) explicitly connected the pandemic to climate change, nature loss, and pollution. Besides the acceleration of business …
Introduction To The Special Issue On “Grassroots And Inclusive Innovations: Conceptualizing Synergies And Complementarities”, Wee Liang Tan, Partha Gangopadhyay, Oscar Hauptman
Introduction To The Special Issue On “Grassroots And Inclusive Innovations: Conceptualizing Synergies And Complementarities”, Wee Liang Tan, Partha Gangopadhyay, Oscar Hauptman
Research Collection Lee Kong Chian School Of Business
The paper provided a review of the state of the field of grassroots and inclusive innovations, suggested and proposed ways forward for research. It also provided a summary of the articles in the special issue and discussed their contributions. With the extant literature, and the modest contribution of the special issue, the paper postulates that grassroots innovation and inclusive innovation activities are complementary. One the one hand, the inclusive innovations actors and processes facilitate and accelerate grassroots innovation. On the other hand, the knowledge of local context and culture enables effective diffusion of external ideas. The paper also highlights the …
What Has Changed? The Impact Of Covid Pandemic On The Technology And Innovation Management Research Agenda, Gerard George, Karim R. Lakhani, Phanish Puranam
What Has Changed? The Impact Of Covid Pandemic On The Technology And Innovation Management Research Agenda, Gerard George, Karim R. Lakhani, Phanish Puranam
Research Collection Lee Kong Chian School Of Business
Whereas the pandemic has tested the agility and resilience of organizations, it forces a deeper look at the assumptions underlying theoretical frameworks that guide managerial decisions and organizational practices. In this commentary, we explore the impact of the Covid‐19 pandemic on technology and innovation management research. We identify key assumptions, and then discuss how new areas of investigation emerge based on the changed reality.
Outcomes Of An Expert Survey: Are Singapore’S Manufacturing Small And Medium Enterprises Ready To Embrace Industry 4.0, Gopalakrishnan Surianarayanan, Thomas Menkhoff
Outcomes Of An Expert Survey: Are Singapore’S Manufacturing Small And Medium Enterprises Ready To Embrace Industry 4.0, Gopalakrishnan Surianarayanan, Thomas Menkhoff
Research Collection Lee Kong Chian School Of Business
Industry 4.0 encompasses adopting opportunities from end-to-end digitalisation with connected computers and increasingly autonomous automation systems equipped with intelligent machine learning algorithms that control the robotics without much input from humans. Smart manufacturing technologies (a part of the smart industry, an extension of Industry 4.0 initiatives and implementation) involve automating various processes. It aims to connect various units in real-time while enhancing profitability by reducing costs, increasing labour productivity, and improving overall efficiency. The impetus for our paper is the assumption that the adoption of smart manufacturing technologies such as advanced robotics, cyber-physical systems, or the Internet of Things (IoT) …