Only 23% of manufacturing companies have a clear digital strategy - EY survey - CRN - India

As significant disruptions across Industrial Internet of Things (IIoT), big data and predictive analytics continue to capture the attention of manufacturers, an EY study titled "'Will the next transformation in manufacturing be led by digital?" found that 66% of manufacturing firms in India ranked big data and predictive analytics as the top investment priority in technology in the next 1-2 years. While 63% of the organizations ranked sensors and Industrial Internet of Things (IIoT) as the second key priority, as many as 33% ranked cloud/integrated platforms along with robotic process automation as the third key priority for investment for transforming their current manufacturing process. The report incorporates first-hand perspectives of major manufacturing firms in India on the recent technological advancements and their adoption, as part of a survey conducted by EY. 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. Digitization 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."