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Monday, May 25, 2020

66% manufacturing firms pick big data as top investment priority

New Delhi, March 6 (IANS) Sixty-six per cent of manufacturing companies voted for big data, predictive analytics as their top investment priority in the next two years, followed by the Industrial Internet of Things (IIoT) and sensors, cloud/integrated platforms and robotic process automation, a new study revealed on Friday.

The EY study named “Will the next transformation in manufacturing be led by digital” stated 62 per cent of respondents saw maximum benefit of digital manufacturing in monitoring and visualisation of key performance indicators (KPIs).

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“Concepts such as Industry 4.0 and Smart Factory, which interconnect the shop-floor ecosystem through emerging technologies, are now a reality. Digitisation continues to transform manufacturing processes around the world leveraging technologies such as IIoT, artificial intelligence, advanced robotics, etc.

“However, the adoption of digital technologies in India is still in its infancy, considering that manufacturers have started using these technological advancements recently and with limited scope. Going by the success stories though, it is perhaps essential for manufacturing organisations in India to first understand and then embark on this digital transformational journey to remain competitive and attain world-class status,” Ashish Nanda, EY India Supply Chain Leader, said in a statement.

The findings highlight the level of adoption of digital manufacturing and India”s preparedness level, the key driving factors, expectations on the benefits and existing challenges that manufacturers face in India.

The key factors driving digital manufacturing in India include predictive maintenance, connected supply chain, reduced energy consumption, production optimisation, lower price of sensors and high computing needs and connected customers.

“The survey findings denote that 17 per cent of organisations are yet to consider or evaluate the potential of digital manufacturing. While many companies have on-going proofs of concept, a full-fledged Smart Factory requires a clear-cut strategy and a well-defined roadmap to be successful in the marketplace,” Nanda added.

–IANS

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Covid 2019 India Stats Overview. Source: Ministry of Health and Family Welfare. Updated: 25 May 2020, 08:00

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