With digital transformation high on their priority list, 54% of companies in the manufacturing sector have implemented AI and analytics for business functions, reveals a PwC India survey.
Conducted with an aim to gain insight into the digital transformation trend of the sector, the survey interviewed CXOs of organisations, including MNCs, broadly comprising six segments – retail and consumer goods, high tech and electronics, chemical and process industries, pharma and MedTech, automotive and transportation, and industrial manufacturing.
Sudipta Ghosh, partner, industrial products sector and data and analytics practice leader, PwC India, said, “Organisations are focusing on improving the efficiency of processes such as reducing the down time of assets, minimising maintenance cost of expensive equipment and automation of processes like connected workstations using IoT for better visibility at the shop floor.”
The survey showed that Indian manufacturing companies currently prefer to adopt one standardised digital solution across plants compared to global firms, which prefer one standardised digital solution with different functionalities.
“Though many companies have implemented fit-for-future technologies in some capacity to solve operational challenges, only a few are able to implement it successfully across the value chain,” said Ankur Basu, partner and digital operations leader, PwC India. He added that adopting digital technologies effectively at scale requires the commitment of the leadership team, besides a clear road map for implementation and skilled people.
While 38% of the Indian companies that participated in the survey revealed they don’t have any plans to adopt digital technology, the research also showed that digital champions from across the six sectors in India believe being resilient, transparent and sustainable will prepare them for future growth.