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Big Data & Predictive Analytics to be Top Investment Priorities in Manufacturing Firms: EY

66% of manufacturing companies supported for big data, predictive analytics as their top investment priority in the next two years, followed by the Industrial Internet of Things (IIoT) and sensors, cloud/integrated platforms and robotic process automation, a new study revealed by EY.

The EY study titled “Will the next transformation in manufacturing be led by digital” stated 62% of respondents saw maximum benefit of digital manufacturing in monitoring and visualisation of key performance indicators (KPIs).Manufacturing processes are getting transformed with emerging technologies such as IIoT, AI and advanced robotics etc. The concept of Industry 4.0 and smart factory, connecting shop floor eco systems through emerging technologies have become a reality.

“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,” Ashish Nanda, EY India Supply Chain Leader, said in a statement.

The findings highlight the level of adoption of digital manufacturing and India’s preparedness level, the key driving factors, expectations on the benefits and existing challenges that manufacturers face in India.

The key factors driving digital manufacturing in India

  • Predictive maintenance
  • Connected supply chain,
  • Reduced energy consumption,
  • Production optimisation,
  • Lower price of sensors and high computing needs and connected customers.

“The survey findings further says that 17% 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,” Nanda added.

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