Performance Assessment of Companies under IIoT Architectures: Application of Grey Relational Analysis Technique

The compilation of digital technological with traditional production system is known as Industry 4.0. The industry 4.0 adds the abundant value in the production systems of companies to address the current and future marketplace competition as well as challenges. The digital architectures aid the companies to establish the ordering-procurement digital network among vendors and manufacturers. It is observed that companies are seeking an empirical IIoT (Industrial Internet of Things) mapping technique for measuring the performance of own partners considering IIoT architectures. Apart from this, companies are also stress to evaluate the significant IIoT architectures to establish the universal single layer IIoT architectures model, which could execute the said technique. In responds to entire research gaps, at first stage the authors conduct a few relevant literature surveys in the field of IIoT to shortlist only momentous IIoT architectures for establishing the universal model. Additionally, a few literature surveys assist the authors to evaluate the empirical IIoT mapping technique for benchmarking own partner/suppliers. The authors quantify the research work with finalizing the IIoT architectures i.e. cyber physical system, networking, virtual reality, data storage system and security to be associated with model. Furthermore, the authors implement a fuzzy-grey relational analysis computational technique on IIoT model for benchmarking suppliers. The objective of research is to facilitate the industry 4.0 based companies with a proposed universal model cum empirical technique so that companies could map the performance of own partners under proposed model. The hypothetical data in conducted empirical case research of a SA automation technology based company justified the real application of research work.