Transformative Business Approaches of Electronic Component Manufacturers in the Era of Industry 4.0: A Psychological Study

Abstract

This study aimed to investigate the business landscape, the structure of management strategies, and service approaches among small and medium-sized enterprises (SMBs) operating in the electronic components manufacturing sector during the Industry 4.0 era. The research collected data from 350 executives and entrepreneurs within Thailand's electronic components industry, using a questionnaire as the research tool. The data analysis encompassed metrics such as frequency, percentage, average, standard deviation, and factor analysis. The majority of respondents were male, falling in the age range of 36 to 40, possessing a Bachelor's degree in business administration, having a tenure of 11 to 15 years within the same company. These respondents were engaged in distributing electronic components, often participating in joint ventures with foreign partners. Their companies typically had 51 to 100 employees, assets valued between 6 to 8 million baht, imported raw materials constituting 1 to 10 percent of production costs, and exported products within the range of 1 to 10 percent. Notably, their performance had declined compared to the previous year. The study determined that the overall management strategy of the organizations under scrutiny was at a high level, rated at 4.0. The most critical factors in this strategy, in descending order, were work satisfaction, economic considerations, quality maintenance, leadership, planning, coordination, just-in-time practices, and technology integration. Control and organizational administration held moderate importance. The SMB management strategies among electronic component manufacturers during the Industry 4.0 era were found to comprise five core components and twenty-five subcomponents. These components included the management of organizational quality, cost-efficient planning, coordination, as well as command and control functions.