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The India highlights report on Industry 4.0: building the digital enterprise is part of PwC’s 2016 Global Industry 4.0 Survey, the biggest worldwide survey of its kind, with over 2,000 participants from nine major industrial sectors and 26 countries, including India.
In this report, the term ‘Industry 4.0’ stands for the fourth industrial revolution. Industry 4.0 concentrates on the end-to-end digitisation of all physical assets and their integration into digital ecosystems with value chain partners.
At the end of this transformation process, successful industrial companies will become true digital enterprises, with physical products at the core, augmented by digital interfaces and data-based, innovative services. These digital enterprises will work together with customers and suppliers in industrial digital environments. These developments will fundamentally change individual companies as well as transform market dynamics across a whole range of industries. And that is true in countries all around the world—in both developed and emerging markets.
The study explores the benefits of digitising a company’s horizontal and vertical value chains, as well as building its digital product & service portfolio. Industrial leaders are digitising essential functions within their internal vertical operations processes, as well as with their horizontal partners along the value chain. In addition, they are enhancing their product portfolio with digital functionalities and introducing innovative, data-based services.
Some of the key highlights of the India report are as follows:
To move forward with Industry 4.0, digital capabilities are all-important. These take time and concentration, and a step-by-step approach is important.
Real breakthroughs in performance will happen when companies actively orchestrate their role within the future ecosystem of partners, suppliers and customers through digital interventions.
With India emerging as the fastest growing economy, we expect the industrial products sector to embrace digitisation which will transform the entire manufacturing value chain resulting in increased operational efficiencies and better customer interface.
-By Sudipta Ghosh, Partner, PwC India