Digital - The New Currency of Manufacturing

Jan 18, 2021
Digital Transformation | 2 min READ
This article was originally published in A&D INDIA - Source link
Transformational vision towards Industry 4.0 and smart factories will stimulate the growth and provide impetus.
Sangram Kadam
Sangram Kadam

Former Vice President and Business Head (APAC & META)


While 2020 was challenged by COVID-19, the global supply chain witnessed its ripple effects. The manufacturing sector, which contributes largely to a country's economic success, is mainly dependent on manpower for operations. The pandemic, however, threw open a new dimension of digitalization to create value for customers by enabling new-age technologies.
When a nationwide lockdown was imposed by the Government of India, many organizations were staring at this rude shock, but agile and nimble organizations were quick to adapt to new ways & means of functioning to stay afloat and ensure high employee morale. Manufacturers who had invested in digital technologies were able to take advantage of the situation and emerge out of this challenging situation, placing them in prima donna position.
As we move into 2021, manufacturing will witness a fundamental shift and change of business models. Many new technologies will pioneer the industry backed by digital-first approaches.
Digitalization will continue to transform the manufacturing industry, helping it stay wary of the future disruptions by plugging gaps across production, distribution and management. In an industry besieged by 'lack of connectivity', investments in digital will help create more data, provide for better insights around data and facilitate better decision-making, eventually enhancing productivity.
As the Government of India aims to make the share of manufacturing in Indian GDP touch the hallowed mark of 25% by 2025 through 'Make in India' schemes, it will take more than economic revival packages to sustain and grow in this pandemic. The government's announcement for 'Atamanirbhar Bharat', which is aligned with the vision to produce locally and be self-reliant, is an important step towards the Indian manufacturing industry in realising, aligning itself with the vision and is opening its arms towards a rapid digital transformation journey.
In today's context, the manufacturing industry has realised that data is the new oil. Digital transformation has allowed the manufacturing industry to optimise its operations for better productivity and efficiency by deploying a holistic solution for business improvement.
As the manufacturing industry strengthens its path towards digitalization, trends like the adoption of digital twins, 3D Printing, Artificial Intelligence, Machine Learning, IoT platform and Augmented/Virtual Reality are witnessing faster acceptance and implementation than before. A transformational vision towards Industry 4.0 and smart factories among the Indian manufacturing ecosystem will stimulate the growth required for this industry and provide the impetus to stand the test of times.
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