Abstarct: In today’s world, implementing Industry 4.0 in manufacturing organizations, especially in emerging economies, faces several challenges. These challenges include a shortage of skilled professionals, weak communication infrastructure, insufficient internet bandwidth, cultural constraints on innovation, security and data protection issues, and the absence of standards. These factors have led many companies to have a vague understanding of the benefits of the Fourth Industrial Revolution and to face difficulties in formulating and implementing effective Industry 4.0 strategies. Despite extensive studies in the field of identifying key success factors and enablers of Industry 4.0 and examining related performance indicators, there is a significant research gap in the literature; so that few studies have comprehensively ranked and prioritized the performance outcomes resulting from the adoption of Industry 4.0 enablers. This study aims to fill this knowledge gap by identifying, analyzing, and ranking key performance objectives (performance outcomes) that result from the successful implementation of Industry 4.0 enablers. The present research methodology is a hybrid approach baxsed on the novel technique of Opportunity Loss Analysis (OPLO) in polar coordinate space. This multi-criteria decision-making method, focusing on the concept of “missed opportunity” and displaying it as a distance in polar space, allows for a more accurate and visual assessment of the prioritization of performance objectives. The case study of this research was conducted in one of the manufacturing organizations in Iraq that is facing real-world issues related to digital transformation and Industry 4.0. The findings of this study can help managers and policymakers in manufacturing industries to focus on priority enablers to achieve the greatest performance improvement and sustainable competitive advantage through the effective implementation of Industry 4.0. The results of this study will also pave the way for future research on the application of hybrid MCDM models in assessing digital transformation in developing countries.