What's Ailing India's Manufacturing Sector?
About 75 percent of companies in India are still grappling with Manufacturing 1.0 and 2.0 stages – a basic stage where a company already has systems of production and transaction, according to a Greyhound Research report.
Systems of production would imply IT systems that monitor supply-chain management and inventory management. Transaction systems include ERP, says the study, revealing that only 25 percent of the companies it polled are either planning or executing Manufacturing 3.0 and beyond. These companies are investing in systems of engagement such as a social media engine that helps better engagement with the customer, or with vendors, the study states.
“Indian manufacturing is at a helm of transformation, with only a quarter of manufacturing organizations that were polled are planning or executing components of Manufacturing 3.0,” says Sanchit Vir Gogia, Chief Analyst & Group CEO, Greyhound Research.
“Manufacturing as we know is becoming digitized and is going to change the way products are manufactured and delivered to the market,” says Vir Gogia.
Greyhound Research suggested that automation should go beyond just the shop floor. Secondly investment in intuitive analytics is a must to drive efficient production cycles. “Manufacturing units need to increasingly adopt smart technologies to optimize their sourcing activities through various systems of production; revamping their shop floors through systems of insights and analytics to enhance their outreach,” he says.
Greyhound Research explains this with the help of an infographic.
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