Expectations
Here, we extract the opinions of industry leaders on the advantages of implementing digital strategy in their business models.
Areas the leaders believe the industry will benefit from embracing digital manufacturing
The idea of linked factories and digital technology can assist address some of the fundamental issues of operating traditional manufacturing. Reduced-than-potential output results in revenue losses, more significant capital and operational expenses, more immense inventory, worse workforce utilization, and lower yields and quality. Frequent equipment breakdowns, unrecorded minor/micro stoppages, decreased running speed owing to asset deterioration, forecasting inaccuracy, smaller batch sizes leading to repeated changeovers, and outdated procedures are the causes of these inefficiencies.
Gaps in current digital solution that Industries use or plan to use
60% COMPATBILITY WITH THE EXISITING SYSTEMS
The industries need to ensure compatibility with the existing systems to achieve digital transformation. While technology is at the heart of Digital Manufacturing, it must be integrated with operations & current automation to achieve the necessary performance gains. The adoption of sophisticated manufacturing techniques will likely allow Indian enterprises to maintain cost competitiveness while also gaining a worldwide competitive advantage
Deciding Factor of a Digital Solution
According to 70.15% of Industry leaders, user-friendliness and compatibility with existing system is the most important element while choosing a particular digital solution.
There are a variety of new and developing technologies that businesses are adopting in the digital age. Different parts of an organisation work to determine which technology or a mix of technologies is ideal for the necessary changes
Vendor Evaluation - Criteria
| Choices | Rank |
|---|---|
| Capability | 1 |
| Quality of the Product | 2 |
| Clientele | 3 |
| Cost of Solution | 4 |
| After Sales | 5 |
| Brand Value | 6 |
| Delivery Time | 7 |
| Peer Recommendations | 8 |
| Past Relationship | 9 |
| Catalogue of Services | 10 |
40.3% of leaders, ranked Capability as their number one priority while selecting a vendor for any digitalization solution, however capability remains subjective. Cost of solution is at 4th rank, which is bit surprising when compared to real market condition.