Table 3.

I4.0 implementation risks selected for the study through literature

Code	I4.0 implementation risks	Description	Literature support
R1	Operational risks	Operational risks are related to manufacturing process management, maintenance, tools and techniques used in specific operations, machines and manufacturing methods, human resources involved in various factory operations, and machine environments. In all the activities mentioned above, lots of data and other resources flow through the entire smart factory network, giving rise to data security, integrity, errors in data processing, and information availability issues	Tupa et al. (2017), Colak et al. (2019), Pandey et al. (2021), Rauniyar et al. (2022), Pham and Verbano (2022)
R2	Economic risks	Economic risks mainly relate to the financial issues of the company. The investment pattern and the payback period are decisive factors that control investment decisions in digitalization, technology, workforce, IT infrastructure, and the ability to handle huge data Competitors also play a critical role in exposing the company to economic risk. The decision to make or buy leading to excessive outsourcing, consultancies and exceptional interaction with experts may even force the business to face economic risks	Lee and Lee (2015), Oesterreich and Teuteberg (2016), Kiel et al. (2017), Müller and Voigt (2018), Müller et al. (2018a, 2018b), Piccarozzi et al. (2018), Habibi Rad et al. (2021), Gadekar et al. (2022)
R3	Legal/political risks	A robust and proven legal/ political framework lays a solid foundation for well-defined and structured growth. This also leads to an unequivocal and sorted approach. At the same time absence of standards means leaving the scope for deviations. In such circumstances, the organizations do not act responsibly. This is a potential threat to the systematic implementation of I4.0, meaning intellectual property, data security, and data theft are most important	Veza et al. (2015), Hossain and Muhammad (2016), Kiel et al. (2017), Müller and Voigt (2018), Müller et al. (2018a), Calabrese et al. (2020), Gadekar et al. (2022)
R4	Ecological risks	Ecological risks has direct correlations with environmental balance. Higher consumption of resources leads to an adverse impact on the environment. Increased consumerism also increases energy consumption, thereby adding toxicity and radioactive substances, and other waste materials to the environment. This waste increases pollution and perturbs the ecological balance	Wiengarten et al. (2016), Beier et al. (2017), Stock et al. (2018), Birkel et al. (2019), Habibi Rad et al. (2021), Pandey et al. (2021), Gadekar et al. (2022)
R5	Social risks	The change is mostly perceived negatively by those directly impacted. It builds massive stress among employees. Even if the change process is carried out professionally, the employees are susceptible to the unknown fear of job loss, excessive workload, loss of health and peace of mind, work-life balance, and future confusion Thus the resistance of employees to change and adapt to the new corporate culture is inevitable which can be resolved by using methods such as upskilling, counseling, and employee training, to align the employee with changing environment	Bonekamp and Sure (2015), Stock and Seliger (2016), Kazancoglu and Ozkan-Ozen (2018), Müller and Voigt (2018), Müller et al. (2018a, 2018b), Stock et al. (2018), Birkel et al. (2019), Habibi Rad et al. (2021), Pandey et al. (2021), Gadekar et al. (2022)
R6	Technological risks	The technological risks are related to the data handling, cybersecurity, cloud computing, and networking ability of a factory through the right skills and knowledge. Strategic technical integration of the technological infrastructure and resources is critical to avert technological risks. Lack of technological standards and higher dependency on external sources to handle the technology-related problem may increase the potential harm to the company	Hansen et al. (2009), Kong et al. (2015), Kuhl et al. (2016), Müller and Voigt (2018), Müller et al. (2018a, 2018b), Moeuf et al. (2020), Snieška et al. (2020), Rodríguez-Espíndola et al. (2022), Gadekar et al. (2022)