Digitisation in industrial sector is set to grow to 65 per cent in the next five years as it is a priority for most CEOs in the industry, according to a PwC report. “Industrial leaders are digitising essential functions within their internal vertical operation processes and are driving both revenue growth and operational efficiencies,” the report said.
According to PricewaterhouseCoopers’ (PwC) Industry 4.0 report, more than a quarter of the Indian companies in the survey have rated their level of digitisation as high, and this value is expected to rise to 65 per cent.
Globally, this number is expected to rise to 72 per cent from 33 per cent, the report noted.
“For an emerging economy like ours, with a strong focus on growth, it is natural that industrial products sector will leverage the technological breakthroughs for building its digital ecosystem,” said Sudipta Ghosh, Leader, Data and Analytics, PwC India.
“This will enable them to add a significant value to their customers by knowing how the product is being used and will also drive efficiency improvements across the value chain,” he added.
The survey, conducted across 26 countries, had a sample size of 2,000 participants, who had high-level management roles. Of them, more than 50 companies were Indian.
For industrial companies to leverage the full value of the report, they would have to overcome key challenges, including lack of clear vision vis-a-vis digital operations, lack of skills in data capabilities and fostering a strong digital culture, the report noted.
Operational disruption in cyber security breaches is another top concern for Indian industrial companies, it further said.
“Overcoming these challenges will enable them to reach their potential objectives of digitisation by 2020,” it observed.