According to a PwC India report, the Indian manufacturing sector is poised for significant change as Industry 4.0 takes hold. Over 54% of enterprises have incorporated artificial intelligence (AI) and analytics for business operations.
“Indian manufacturing companies currently prefer to adopt one standardised digital solution across plants compared to global companies which prefer one standardised digital solution with different functionalities or modules,” the report stated. Further, it added that the other 38% of the organisations had no plans to use digital technology in their operations.
In order to better understand the trends in the manufacturing sector’s digital transformation, PwC India conducted a survey and spoke with the Chief Experience Officers (CXOs) of domestically based businesses, including multi-national corporations (MNCs).
PwC India in its “Reimagining Digital Factories of Tomorrow” report stated that “Digital champions from across the six sectors in India believe that being resilient, transparent, and sustainable will prepare them for future growth”.
It claimed that the typical payback period for the deployment of technology use cases is fewer than three years. Further, it said that shorter payback times encourage businesses to invest in technological solutions.
The report also informed that companies in India that invested at least 3% of their entire sales in digital transformation had a higher proportion of high returns.
According to the survey, it’s essential to engage with the most suitable team to develop a custom digital transformation strategy that is appropriate for the firm, as well as the right enablers, in order to maximise return on investment (ROI).
