Deloitte India on Friday announced that, in collaboration with CII, it has released a knowledge paper titled – Industry 4.0: From Vision to Action at the Manufacturing Conclave 2022.
A press release from Deloitte India said that the paper highlights the impact of Industry 4.0 on core operations (productivity, quality, safety, and enhanced asset life) and the transformation of business models through real-time visibility and insights.
Speaking at the inaugural session of the CII Manufacturing Conclave 2022, Rajeev Singh, Partner and Automotive Sector leader, Deloitte India, said it is time to act on the next five-year vision for a technologically equipped and advanced economy. With India's vision of being a five trillion-dollar economy, the manufacturing sector will play a catalyst in the Indian economy and GDP growth for the nation's future.
'Our knowledge paper released today around the conference theme, 'Industry 4.0: From vision to action' delves into how Industry 4.0 technology is offering multiple key enablers for the growth of the manufacturing sector's share of voice in the overall growth of the economy. The next phase of growth will mean industry stakeholders to come together and build on the constituents of digital technologies that will further boost this sector as we see SMEs and MSMEs rapidly adopting new and advanced automated technologies.'
Shridhar Kamath, Partner, Consulting, Deloitte India, said, 'With connectivity and big data changing the rules of the business game, the need of the hour is for manufacturers to leverage the new-age startups of India by partnering long-term and creating integrated solutions end-to-end across the value chain to realise the full potential of innovation.'
Further, he said that an ecosystem approach shall help India build on the digital economy story when various stakeholders join hands in solving complex business problems and offering solutions that ultimately benefit the manufacturers in building a new tech-driven nation.'
Key Highlights
According to Deloitte, Industry 4.0 as a segment has grown 10x in the last decade (from $10.5 billion in 2011 to $103 billion in 2021). Fueled by the wide adoption of Industry 4.0 globally, the global Industrial internet of things (IIoT) market has been projected to reach a value of $1.1 trillion by 2028 growing at a CAGR of 22.7%. Benefits such as predictive maintenance analysis, efficiency improvement, and critical insights about current process flows to improve revenue are the key drivers of IIoT growth.
The report said that technologies such as Big data and analytics and digital twin are becoming increasingly popular with their vast acceptance and usage in various fields across departments. To make well-informed business decisions, organisations use Big Data and Analytics to explore data in depth and uncover business insights such as hidden patterns, market trends, correlations, and predict customer sentiments. The digital twin has reduced the time taken to launch products and improved product/service performance.
The report further highlighted that there is a continual shift in approach towards customer centricity, where the key emphasis is laid out on nourishing customer relationships and maximising value from customers rather than simply selling a product. In addition, technologies such as cloud computing and IoT have enabled the emergence of 'as-a-service' offerings by embedding sensors into products and have unlocked new avenues of value generation.
A digital ecosystem consists of internal processes, platforms, and systems, along with external partners such as suppliers, distributors, third-party service providers, and customers and all their respective technologies. Organisations want to enhance transparency across the entire value chain, including suppliers, distributors and customers, and digital ecosystems play a pivotal role, the report added.