Indian manufacturing firms rank big data, predictive analytics as top investment priority: EY
Big Data and predictive analytics continue to capture the attention of manufacturers in India, with about 66 per ranking these technologies as the top investment priority in the next 1-2 years, according to an EY study.
While 63 per cent of the organisations ranked sensors and Industrial Internet of Things (IIoT) as the second key priority, as many as 33 per cent ranked cloud/integrated platforms along with robotic process automation as the third key priority for investment for transforming their current manufacturing process.
Ashish Nanda, EY India Supply Chain Leader said: “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,” he added.
While 63 per cent of organisations are somewhat prepared in terms of their hardware infrastructure with basic software only nine per cent are ready to a large extent with intelligent infrastructure that connects different processes. About 20 per cent of the organisations are prepared to a good extent with appropriate hardware and software for data monitoring, the study added.
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.
“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,” added Ashish Nanda.