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Indian manufacturers target 2-3x profit growth with Industry 5.0: PwC
Industry News- Oct 28,24
Industry 5.0 signifies a shift from prioritising economic value to generating societal value, emphasising overall well-being rather than just welfare.
A recent report by PwC India reveals that approximately 93% of Indian manufacturers are adopting sustainable practices under Industry 5.0, with aspirations to triple their profits in the next three to five years. Titled “Decoding the Fifth Industrial Revolution: Marching Towards a Resilient, Sustainable, and Human-Centric Future,” the report examines six major industries and highlights that Industry 5.0 can enhance both financial and operational performance while fostering a human-centered manufacturing ecosystem.
Industry 5.0 signifies a shift from prioritising economic value to generating societal value, emphasising overall well-being rather than just welfare. The report indicates that over half of manufacturers are investing in renewable energy and energy efficiency through advanced digital technologies. Furthermore, 52% of senior executives are focusing on cultivating a culture of lifelong learning to equip their workforce for the integration of AI, robotics, and IoT.
Sudipta Ghosh, Partner and industrial products leader, PwC India, stated, “Industry 5.0 represents a defining moment for the manufacturing sector – one that creates a symbiotic relationship between humans and advanced technologies.” He emphasised that companies prioritising these technologies are likely to gain a competitive edge, positioning themselves for a sustainable and resilient future.
The report forecasts a revenue increase of approximately 6.42% for Indian manufacturers over the next two years as they adopt Industry 5.0. Manufacturers also believe that their limited capabilities in this area may have cost them around 4.37% in revenue during the fiscal year ending March 31, 2024.
Among the various sectors, chemicals, cement, and textiles are expected to experience the most significant revenue growth, with potential increases exceeding 7%. Notably, 95% of manufacturers in the cement and industrial goods sectors are heavily investing in real-time inventory tracking to optimise stock and minimise excess.
The PwC study suggests that Industry 5.0 encourages collaboration between the workforce and advanced machinery, alleviating fears of job displacement. Ghosh noted the importance of bottom-up innovation, supported by secure access to technologies like Generative AI, while emphasising the need for top-down guidelines for safe and effective implementation. Approximately 52% of executives are focusing on automating repetitive tasks to enable employees to concentrate on higher-value work.
Half of the respondents are investing in supply chain resilience, utilising real-time analytics to mitigate potential disruptions.
- Renewable energy and sustainability: Over 50% are enhancing sustainability initiatives, including waste reduction and responsible water management.
- Cybersecurity: Recognising the growing digital threats, 46% of executives are strengthening cybersecurity measures to protect manufacturing systems and ensure data integrity.
(Business Standard)
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