Accelerating digital transformation
The Singapore Economic Development Board (EDB); McKinsey & Company; SAP; Siemens and TÜV SÜD have announced a collaboration to support companies, both big and small, to scale the adoption of Industry 4.0 technologies. The collaboration aims to develop tools and offerings that can accelerate the digital transformation of manufacturers in Singapore and internationally. This is achieved by leveraging their collective expertise.
In 2017, EDB and TÜV SÜD launched the Smart Industry Readiness Index, which is a diagnostic tool to help companies assess their readiness for transformation. Validated by an advisory panel of industry and academic experts, the Index has been designed as a comprehensive tool to help companies across all industries and sizes to harness the value of Industry 4.0 in a systematic and comprehensive way. The Index has been substantially applied in Singapore and is being rolled out in Indonesia, Thailand, India, USA, Europe and Japan.
As a next step, EDB (in collaboration with McKinsey & Company, SAP, Siemens and TÜV SÜD) will enhance the Index with a computational tool that helps companies to identify and recommend focus areas and digital initiatives to prioritise, based upon their individual readiness score and current financial performance. This ‘Prioritisation Matrixa’ will be launched at Hannover Messe 2019, alongside a white paper detailing its concept and development.
“While interest in Industry 4.0 has caught on, many companies are now experiencing a ‘pilot trap’ where transformation activities may be underway but have yet to scale beyond proofs of concept to yield meaningful bottom-line benefits. The collaboration will enable us to establish a neutral, open and qualified Industry 4.0 ecosystem which will facilitate the transformation of companies’ processes, technologies and organisation globally and at scale,” commented Chng Kai Fong, Managing Director, EDB.
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