The fourth industrial revolution also known as Industry 4.0 or a new age of connected technologies and data-driven insights is now upon us and is changing the way we live, work, and interact with each other.
One of India’s inspirational business leaders is Kishore Jayaraman, President, Rolls-Royce, India & South Asia. He has a vision for India and Industry 4.0.
Industry 4.0 is all about innovative technologies, such as artificial intelligence (AI), mass automation, industrial communications, Big Data, robotics and 3D printing.
According to HSRC’s “Global Industry 4.0 Market & Technologies 2018-2023” report, the global Industry 4.0 market is projected to reach US$214 billion by 2023.
The Indian government estimates India’s manufacturing sector would breach US$ 1 trillion by 2025.
But Kishore Jayaraman (pictured above) warns that Indian manufacturers need to move beyond the current status, characterized by manual inputs, lack of ICT integration in manufacturing, and critical gaps in capability, to move to the next stage and fill the critical technology gaps.
He says: “To that end, government’s ‘Make in India’ initiative is providing the groundwork for both small and large companies to develop advanced manufacturing capabilities and invest in technology upgradation.
“Additionally, programmes such as green corridors and smart cities have been launched to support critical technology interventions across various industries. Besides creating jobs, these initiatives appeal to a new generation of workers with different values and skills that boost synergies,” he said.
Here’s how he sees India benefiting from Industry 4.0:
First, it will allow manufacturers to improve productivity, efficiency, safety and performance and help position India as a global manufacturing hub.
Several Indian e-commerce companies are using advanced data analytics to gain insights on customer behavior and improve business performance. Likewise, manufacturers can implement data analytics to improve forecasting, predict and prevent manufacturing downtimes, manage supply chain and enhance production capacity and quality.
Second, Small and Medium enterprises (SMEs), which form the backbone of Indian manufacturing, can leverage Industry 4.0 technologies to become more agile, enhance productivity, streamline costs and reduce risks.
Third, employers will be able to increase the skills of their workforce. While some jobs may be lost, new ones will be created in the new economy. New technologies inadvertently require new skills and trained Industry 4.0-ready workforce especially in areas of cognitive robotics, advanced automation and industrial ICT. Training in safety-related skills will also come into play with an increased level of human-machine cooperation.
Finally, Industry 4.0 could provide a pathway for Indian manufacturing to transform to an innovation-led and high-value manufacturing stage. Technology-intensive sectors such as the Aerospace & Defence (A&D), which is at the cusp of innovation and growth in India, are clear beneficiaries.
At Rolls-Royce, Industry 4.0 is a critical aspect of business and strategy – using connected systems to make better decisions. This brings together a number of technologies, such as the Internet of Things, intelligent manufacturing, digital product verification as well as virtual design and simulation.