another to ultimately make decisions without human involvement. A combination of cyber-physical systems, the Internet of Things (IoT) and the Internet of Systems make Industry 4.0 possible and the smart factory a reality. Following the support of smart machines that keep getting smarter as they get access to more data; factories become more efficient and productive and less wasteful. Ultimately, it’s the network of these machines that are digitally connected with one another and create and share information that results in the true power of Industry 4.0 (Marr, 2018). High technology focuses on the technological improvement of the highest order. In which requires high investment in R&D to produce the product desired by users. Industry 4.0 focuses on integrating and enhancing disparate information available in factories. Often times do not require high investment as in high technology. Viewing it from user perspective, high technology is dedicated to external users (customers), and industry 4.0 is dedicated to internal users (company staff). Both however are complementary. Industry 4.0 is possible with high technology. The difference between high technology and Industry 4.0 can be illustrated through their complementary roles such as digital transformation where chatbot is categorised as high technology but, while the natural language processing and Artificial Intelligence (AI) powering the chatbot are categorised as Industry 4.0.
and data processing (Industry 4.0) that causes a real-time connection with customers possible. Why does it matter? Widely understood and accepted – customers experience drive technology advancement. How technology industries choose to fulfil customer demands; defines the path of digital transformation. To create such customer experience, it is imperative for high technology products to have several attributes as explained here. today’s high First, high technology must deliver product with superior value propositions to the customer. According to a research carried out by Robert Cooper, and colleagues, this shows products with this single attribute have five times the success rate, over four times the market share, and four times the profitability than “me-too” products (2017). Great high technology products do not entirely satisfy customers; they strive to create and deliver superior value than competing products. Value is a trade- off between perceived benefits from the product and the sacrifices to obtain it (e.g. price, stress, hassle, time). What customers care about are the tangible and intangible benefits they will receive when using the product, i.e. what’s in it for me?, when received benefits exceed the cost of acquisition, ownership, and use; customers perceive a superior value (Weinstein, 2016). Second, to figure out what the customer needs because understanding customer needs is critical for innovation and new product success (Ulwick & Bettencourt,
2008). It is important to recognise that there are different types of customer needs and these needs change over time. As the late Steve Jobs used to say,” You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they will want something new”. Hence, high technology products must address latent customer needs and anticipate future needs. The final attribute integrates technology and design to create new meaning. Innovation scholar Roberto Verganti shows that design can be as disruptive as a game-changing technology. The biggest breakthrough, albeit rare, comes from combining technology with design to create new meaning. Extensive research in marketing and consumer behaviour has revealed customers buy anduseproducts forprofoundemotional, psychological, and sociocultural reasons as well as utilitarian reasons. These deep reasons reflect the higher-level needs for purpose, meaning, and fulfilment (2009). The International Data Corporation (IDC) predicts that digital transformation can add an estimated RM41 billion (US$10 billion) to Malaysia’s Gross Domestic Product (GDP), and increase of growth rate by 0.6% annually. Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how companies operate and deliver value to customers. It is also a cultural change that requires organisations to continually challenge the status quo, experiment, and get comfortable with failure.
Similarly, it is not the smart beacon (high technology) but the IoT network
In the same study, it also predicted approximately 45% of Malaysia’s GDP
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Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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