According to the recently released “State of Smart Manufacturing” report by Rockwell Automation, India has the highest number of manufacturing organisations investing in technology. The study surveyed more than 1,350 manufacturers across 13 leading manufacturing countries including India, China, Germany, Japan, the US, and the UK.

The number of Indian firms embracing digital solutions to make manufacturing more productive and efficient is growing. In fact, as per the study, manufacturers in India are investing 35 per cent of their operating budgets towards technology investment, more than the global average of 23 per cent and developed countries such as the US (27 per cent) and Japan (24 per cent). This is heartening news for experts who have been advocating adoption of modern technologies by Indian companies to raise their competitiveness as India aims to become a global manufacturing powerhouse to offer a viable alternative to China.

With one of the healthiest GDPs in the world, India is set to grow the fastest in the coming years supported ably with strong pick up in manufacturing activities, which need technologies to sustain growth. Adaption of modern technology is critical for survival as Indian companies today are not just competing locally, but they are exposed to international competition. While equipping factories with latest technologies, companies will require having a long term strategic view to achieve desired business objectives.

Globally, according to the Rockwell Automation report, the top five technologies that respondents invested in and had the highest return on investments over the past year were process automation (33 per cent), cloud/software as a service or SaaS (30 per cent), industrial internet of things/internet of things (25 per cent), machine integration (24 per cent) and machine learning/artificial intelligence (23 per cent).

In the Indian context, for example, many toolmakers are adopting AI and additive manufacturing to increase cost-efficiency and reduce product development time while ensuring increased product customisation and minimal wastage.

Availability of formally trained manpower will be equally important for running modern factories smooth. According to the studies, only 4.7 per cent engineers in India are formally trained in manufacturing during their studies - compared to 60 per cent in the US, 80 per cent in Japan and 24 per cent in China. This is an issue that India needs to tackle on a war footing if the country has to take the advantage of changing geopolitical scenario, as observed by experts during the recently held IPF webinar.

The webinar was hosted as a precursor to the 2nd Edition of 3i EXPO 2023, which will be held in Mumbai from May 19-20 to discuss ways to transform manufacturing for building future ready factories using smart technologies. With the theme of “Factories on the Future”, 3i EXPO will be a 3-in-1 event comprising Conference, Exhibition and IPF Industry Excellence Awards with the sole aim of bringing together on one platform all the stake-holders who are involved in digital transformation for achieving manufacturing excellence. Be there to witness the revolution.

For more details on FACTORIES OF THE FUTURE and 3i EXPO, visit https://3iexpo.com/ or simply scan the QR Code below.