Manufacturers are creating even higher value by combining data from production operations with operational data from ERP, supply chain, customer service and other enterprise systems to create whole new levels of visibility and insight. With this improved flexibility and mass customization, manufacturers are better meeting customer demands. Industry 4.0 has hence revolutionized the way companies manufacture, improve and distribute their products.
Similar to Industry 4.0, Service 4.0 is a collective term for technologies and concepts of service and support function organizations, based on new disruptive technological concepts (big data, mobility), the Internet of Things and the Internet of Services applied to value chain. It offers a major opportunity for service companies to make a leap forward in terms of efficiency and effectiveness, and an opportunity for service users to discover and benefit from new features.
Penetration of Industry 4.0 and Services 4.0 processes and technologies into Indian industry is currently limited that too in some specific sectors such as FMCG, telecom and healthcare sectors. NASSCOM reports that while Indian manufacturing has started pivoting to digitization, with about US$ 5.5 to 6.5 billion spend on Industry 4.0 in FY-21, 50% of the spend is on foundational technologies such as clous and IoT and 35-40% of the companies are at the “proof of concept” stage and still need to transit to the production stage. Also, for various reasons including lack of access to technology and investments, the MSME sector has seen the least movement towards Industry 4.0 in India pushing them towards technological obsolescence and supply chain inefficiencies.
GFST’s Industry 4.0 and Services 4.0 Vertical, has set its goal as promoting uptake of Industry 4.0 and Services 4.0 processes and technologies by Indian firms, especially the MSMEs in making them more productive, efficient and globally competitive. The vertical will focus on activities such as policy research and advocacy, knowledge sharing, partnership building and supporting Industry 4.0 and Services 4.0 eco-system development.