The manufacturing industry in India is experiencing a notable change as Industry 4.0 emerges. Around 54% of companies in this sector have already integrated artificial intelligence (AI) and analytics into their operational processes and functions.
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In order to understand the digital transformation trends in the manufacturing sector, PwC India conducted a survey involving interviews with CXOs from various organizations operating in the domestic market, including multinational companies (MNCs). The objective was to gain valuable insights into the evolving landscape of digital transformation in the manufacturing industry.
According to the survey, the Indian manufacturing industry is undergoing a significant transformation with the advent of Industry 4.0. The survey highlights that 54% of companies in the sector have already incorporated AI and analytics into their business functions.
Indian manufacturing companies tend to favour a standardized digital solution that can be implemented uniformly across all their plants, whereas global companies often opt for a standardized solution with varying functionalities or modules. The survey further stated that 38% of Indian manufacturing companies currently have no intention to embrace digital technologies for their business operations.
“Digital champions from across the six sectors in India believe that being resilient, transparent and sustainable will prepare them for future growth. However, they also opine that greater innovation and faster time to market will help them to stay relevant in the competitive landscape in the coming days”, noted the PwC survey.
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