Industry 4.0 is a blend of advanced analytics, Big Data, Robotics & Automation, Artificial Intelligence, Internet of Things (IoT) and Process Digitisation across the business value chain. If Indian companies adopt Industry 4.0 across functions such as manufacturing, supply chain, logistics and procurement, they can enhance their operating profits by 40% at less than 10% of the planned capital expenditure.
Advanced analytics would help to enhance production capacity and its quality. The model would shift towards prediction and prevention of defects through data analytics.
The adoption of Robotics & automation would shorten production cycle, reduce time-to-market and bring inefficient utilization of resources. The digitization of various business processes would lead to cost saving and a better experience for customer and employees. IoT and connectivity of machine to people and machine to a machine would tighten supply chain and reduce lead times.
India to adopt smarter strategies for Smart manufacturing:
To leverage the best that technology has to offer us, India must embrace Industry 4.0. Industry 4.0 has just started making inroads in Indian manufacturing and other sectors. Data-based decision making is also being adopted across industries. There needs to a shift in mindset before there is a shift incapacity. The focus should be on enhancing existing asset base. Adopting Smart manufacturing, analytics and IoT will give a new lease of life to industrialisation in India. Apart from policy implementation hurdles, one major bottleneck is lack of skilled labour or fear of job losses owing to Robotics & Automation. A smart strategy to counter this is to upskill workers and millennials in these fields and create more jobs.
“The Israel Industry 4.0 (II4)” portal connects Israeli start-ups, industry leaders, experts, and multinational corporates, to all things Industry 4.0 in Israel. Fast becoming an international hub of Industry 4.0 innovation, with its entrepreneurial culture and innovative ecosystem, Israel’s disruptive technological advancements are helping to change the way products are manufactured. international II4 Conference, “Beyond Man and Machine”, which brought together start-ups, industry leaders, experts and MNCs, and displayed the latest insights in the Industry 4.0 space, and showcased the latest cutting-edge technologies made in Israel.
The II4 portal is brought to you by Start-Up Nation Central, an Israel-based non-profit that serves as a gateway to Israeli innovation, together with Grove Ventures, an Israel-based Venture Capital fund. Web site : https://www.israelindustry40.com/ii42019.
Relevant companies, interested to learn more on potential collaboration are invited to contact the Economic and Trade Department at the Israeli Consulate General in Bengaluru.
For further queries:
contact: Kavitha Saravanan, Trade Officer, Trade and Economic Affairs
Tel: +91-80-49406515. kavithas@israeltrade.gov.il
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