Application of multi criteria decision making methods for readiness factor calculation

Industry 4.0 concept is a needed perspective for both manufacturing and service factories. In transitional period it requires big investments both for small and medium enterprises which represent a significant challenge. To make the transition as straightforward as possible, the readiness factor should be calculated before generating the investment plan. Readiness factor can provide an overview of the current state of affairs within the company and to point out where changes in operational policy and internal processes are needed. There are several methods already available for the readiness factor evaluation, which provide the general overview of the company, based on the features of the previous three industrial paradigms, rather than providing a more detailed breakdown. There are many influences affecting the readiness factor, which motivates the use of multi criteria decision support systems for readiness factor evaluation. Since there are various multi criteria optimization methods available, the most commonly used ones are outlined herein, such as Analytic Hierarchy Process, Promethee, Electre and TOPSIS, and are compared in terms of implemented methodologies, goal definitions, interpretation of results, and benefits and challenges.