Digitalization of Strategic Decision-Making in Manufacturing SMEs: A Quantitative SWOT-TOWS Analysis
Journal Title: Precision Mechanics & Digital Fabrication - Year 2024, Vol 1, Issue 3
Abstract
The transition of contemporary manufacturing processes from digital to post-digital paradigms within the framework of Industry 5.0 necessitates the integration of both technological advancements and human-centered perspectives. This shift demands a high degree of customization and personalization in production processes, impacting both core and supporting operations. This study investigates the development of a software application designed to facilitate strategic goal-setting in manufacturing Small and Medium-sized Enterprises (SMEs) by leveraging a digitalized Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis. The research focuses on the use of this tool to collect, compare, and rank SWOT factors provided by employees and managers, in order to support data-driven strategic decision-making. The initial phase of the study involved a sample of 520 entrepreneurs and business owners from Poland, Slovakia, the Czech Republic, Hungary, and Serbia, which led to the identification of an extensive list of 83 strengths, 92 weaknesses, 78 opportunities, and 86 threats. These factors were stored in a Google Cloud Database, enabling subsequent comparisons with new data. A further 63 senior decision-makers tested the application by entering their own SWOT factors, comparing them with existing ones in the database, and ranking their significance for strategic planning. The rankings were calculated automatically, with the top-ranked factors forming the basis for further analysis. In the final stage, these rankings were reviewed by five experts from the research consortium, who conducted pairwise comparisons and employed Analytic Hierarchy Process (AHP) analysis to develop a Threats, Opportunities, Weaknesses, and Strengths (TOWS) matrix. This matrix identified potential strategic actions to optimize operations within the investigated region. The findings demonstrate the potential of the software tool to enhance strategic decision-making and improve organizational performance in manufacturing SMEs. The results offer practical insights for decision-makers seeking optimal strategies for operational optimization in their organizations.
Authors and Affiliations
Ivan Mihajlović, Martina Perišić, Vesna Spasojević Brkić, Isidora Milošević, Nenad Milijić
Keywords
Related Articles
- EP ID EP752489
- DOI https://doi.org/10.56578/pmdf010305
- Views 8
- Downloads 1
Dynamic Analysis of Continuous Pin Insertion Machines and Their Application in Precision Connector Manufacturing
In the production of high-precision electronic connectors, the proper alignment and insertion quality of pins are critical to ensuring product reliability. Any pin misalignment or deformation can lead to electrical failu...
Numerical Simulation and Analysis of Residual Stress in B91 Steel Deposition Using Wire Arc Additive Manufacturing
A numerical model of a Gas Metal Arc Welding (GMAW)-based Wire Arc Additive Manufacturing (WAAM) process was developed using the Abaqus software, with validation performed against experimental data from existing literatu...
Automated Alignment of U-Notch in Iron Caps Using Machine Vision: A System for Suspended Insulators
In the automated production line for suspended insulators, precise alignment of the U-shaped notch in iron caps is crucial for effective gluing. This study introduces a system based on machine vision that automates the a...
Comparative Analysis of Aerodynamic and Structural Performance of Aircraft Wings Using Boron Aluminum Metal Matrix Composites and Aluminum Alloys: A CFD and FSI Approach
The aerodynamic and structural performance of aircraft wings constructed from Boron Aluminum Metal Matrix Composites (Boron Al MMC) and conventional aluminum alloys has been comprehensively evaluated through Computationa...
A Remaining Useful Life Prediction Method for Rolling Bearings Based on Broad Learning System - Multi-Scale Temporal Convolutional Network
Rolling bearings play a critical role in various industrial applications. However, the complexity and diversity of data, along with the challenge of selecting the most representative features from a large set and reducin...