Industry4.0 revolution in India.

Although the advent of computer systems and automation has been ruling industries over the past few decades across the globe, India has been lagging behind because of paper-based processes and large human labor dependency. A study by the Reserve Bank of India reported an increase of 29.4% in the third quarter of the financial year 2019 compared to the same quarter period for the previous financial term. Hence, the implementation of Industry 4.0 is a major necessity today, in order to take the efficiency of every industry in the country a level higher.

So, how will the successful introduction and implementation of Industry 4.0 transform the present industrial scenario of the country?

This automation for industry 4.0 will result from a combination of IoT (internet of things), cyber-physical systems, and AI (or artificial intelligence), thereby reducing the intervention of humans and, in turn, improving accuracy as well as the efficiency of the entire systems.

These digital transformations will enable data insights on a comparatively wider level, making the utilization of tools within the walls of the industries much easier, too. Storing and managing bulk records, and getting back at any of them as and when required, later on, could never have been as quick and easy as is provided by automation for industry 4.0.

A study by PWCIndia in 2016 showed that more than 80% of the manufacturing industries expected a greater than 10% improvement in their entire productivity, along with over 60% of industries that expected a surge of 10% in their additional revenues. The revolution will also give a competitive edge to industries in India facing tough competition from ones in Europe and the Americas, which have had a kick start.

The model will shift towards prediction and prevention of defects too, through data analytics, hence providing scope for a vast improvement in production capacity as well as quality. The whole production cycle will become time-saving and cost-efficient, and also lead to a more tightened (yet flexible) supply chain and reduced lead times.

A study and analysis by McKinsey also predict that integrating automation for industry 4.0 across manufacturing, supply chain, logistics, and procurement can enhance the operating profits of the industries by 40%, at investments that would amount to less than 10% of their planned capitals.