More than half of Indian manufacturers have leveraged artificial intelligence (AI) and analytics to fortify their operational capabilities, while also enabling them to become more innovative and efficient, a survey said.
The rising adoption of emerging technologies reflects the industry’s proactive approach to modernizing and staying competitive in an evolving global landscape, the survey by PwC India said.
Indian companies are focusing on customized digital solutions to improve processes such as reducing asset downtime, cutting maintenance costs, and ensuring better visibility at the shop floor through automation and internet of things (IoT), the financial advisory and consultancy service company said in the survey.
“Organizations are focusing on improving the efficiency of processes for efficient scheduling,” Sudipta Ghosh, partner at PwC India, said in the survey, while highlighting that the Indian manufacturing sector is undergoing a transformation due to Industry 4.0.
Influenced by shifting customer preferences, supply chain disruptions, geopolitical uncertainties, and ESG regulations, the sector is innovating its business models. Production-linked incentives and ‘Make in India’ initiatives are also fostering a conducive environment for global partnerships and foreign direct investments, the survey said.
Respondents to the survey said that while being resilient, transparent, and sustainable will prepare them for future growth, greater innovation and faster time to market are essential to staying competitive.
“Analytics significantly improves the decision-making process…take timely decisions,” Ghosh said.
Indian companies prioritize people, policies, and mindset in their transformation, unlike global companies that focus on building the right systems, the survey said, adding that successful digital transformation requires centralized standards and teamwork for local implementation.
Ankur Basu, a partner at PwC India, said, “Adopting digital technologies effectively at scale requires the leadership team’s commitment besides a clear roadmap for implementation and skilled people.”
The survey, ‘Reimagining Digital Factories of Tomorrow’, was conducted early this year to gauge the digital transformation in the Indian manufacturing industry.
The study found that 38% of Indian companies do not plan to adopt digital technology, indicating that India is still at a nascent stage in its digital transformation journey.
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