The progression towards "Industry 4.0," the fourth industrial revolution (4IR), is heavily dependent on artificial intelligence (AI), IoT, and real-time data accessibility. This transformative shift elevates the significance of digital technology from previous pilot applications to an industrial-grade level, which enables a holistic approach to manufacturing and theoretically furnishing business managers with deeper insights into every facet of their operations, in real-time, unlocking increased efficiency and flexibility with significant quality enhancements and the optimization of complex processes with data-driven decision making.
So far so good. At the same time, this paradigm shift presents business managers with apparent investment risks, trepidations, and impediments to implementing this technology successfully, awarding them with sleepless nights and exposing them to executive management having to defend their decisions and actions. What about the competition?
Indian companies are developing the roadmap to adopt digital transformation with 54% of them implementing analytics and AI for business functions, according to a survey by the professional services firm PwC India. Deloitte stated in its survey report about the adoption of AI in manufacturing that 93% of companies believe AI will be a crucial technology for innovation.
Read this article in full in our Integr8 Playbook "The Rise of AI: Shaping Industries Through Intelligent Innovation" here.
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