According to a PwC India study, the arrival of Industry 4.0 is causing a major transformation in the way Indian manufacturing operates, with 54% of companies now implementing AI and analytics in their business functions. “Manufacturing company in India now prefers his one standardized digital solution with different functions and modules compared to global companies who prefer him to adopt one standardized digital solution for the whole factory. I like it,” the report said. He added that the remaining 38% of companies have no plans to introduce digital technology into their businesses.
PwC India conducted a study interviewing chief executives of organizations in the domestic market, including multinational corporations (MNCs), to gain insight into digital transformation trends in manufacturing. PwC India, in its report Reimagining Tomorrow’s Digital Factory, states: But they also believe better innovation and faster time to market will help them stay relevant in the competitive landscape in the days ahead. ”
For technology adoption use cases, the company says the average payback period is less than three years. While the report states that “shorter payback periods will encourage organizations to invest in technology solutions,” there remains a lack of planning to align digital transformation with organizational goals and adopt digital technologies. He added that it was a big challenge. Indian companies that have invested at least 3% of their total turnover in digital transformation are more likely to have high returns, the report said. He further said that while Indian companies are accustomed to focus on people, policies and mindsets, global companies prefer to build the right systems to drive change.
The study found that working with the right team that can devise a custom digital transformation strategy for your organization, and working with the right enabler to execute the strategy, is critical to increasing your return on investment (ROI). was also shown. “Organizations also need to determine tangible benefit aspects, apart from financial outcomes, to ensure that the adoption of digital technologies has a holistic, long-term and sustainable impact on their business. said Sudipta Ghosh, Partner, Industrial Products Sector and Data & Analytics. He is PwC India Practice Leader. “The return on investment is highly dependent on how an organization uses data to generate insights and make timely decisions,” he added.
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Learning from best practices within the industry may provide insight into where to start in assembling a transformational blueprint, but consider the various contingencies and possible pitfalls that can arise from failures. It is important to “Many companies have some form of future-proof technology in place to solve their operational challenges, but few are able to successfully deploy it across their value chain. Adoption at scale requires a clear roadmap for implementation and skilled talent, as well as commitment from the leadership team,” said Ankur Basu, partner and digital operations lead at PwC India. .
