Tech’s still a strange word for manufacturers here

Over 62% of Indian manufacturers, including those in labour-intensive sectors like automotive, industrial goods and heavy manufacturing, are still at the third industrial revolution in terms of technology and want to exhaust low-cost options rather than implementing high-cost technology that automates functions, a study by management consulting firm, Russell Reynolds Associates found. Here’s why Indian manufacturers want to take their time to adapt to ‘Industry 4.0’.

Industry 4.0 represents a combination of:
*Cloud
*IoT
*Robotics

*Augmented reality
*Additive manufacturing
*Big data & analytics
*Cybersecurity

Key reasons for slow adoption
*Paucity of talent
*Difference in tech adoption between vendors and manufacturers
*Complex government interfaces
*Abundance of cheap labour overshadowing
*cost of smart connected devices

Main challenges in driving manufacturing transformation
*Lack of Funds
*Paucity of Talent
*Short investment horizon
*Sociopolitical environment
*Risk appetite
*Lack of ‘right culture’ to absorb changes brought by Industry 4.0
*Knowledge gap

Which Stage of Industrial Revolution do Companies Believe They are in?
3
4
In transition