Thursday, March 28, 2024
-Advertisement-
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
HomeNewsEnterprise ITManufacturing Industry in India needs to balance between digital investment for revenue growth and operational efficiency: Accenture

Manufacturing Industry in India needs to balance between digital investment for revenue growth and operational efficiency: Accenture

Follow Tech Observer on Google News

“Manufacturing Industry in India are keen to invest in digital technologies but are struggling to derive tangible business benefits due to an imbalanced approach to digital investments,” said a report from technology consulting firm Accenture.

Google News

India's growing manufacturing industry needs to balance its digital investment for revenue growth and improving the operational efficiencies, said a report. “ are keen to invest in digital technologies but are struggling to derive tangible business benefits due to an imbalanced approach to digital investments,” said a report from technology consulting firm .

Citing survey, report said 93 per cent of the executives, who represent 29 manufacturing and production companies in India with an annual turnover of at least $1 billion want to leverage digital for growth, with 76 per cent intending to use digital to create new, experience-driven revenue opportunities. However, only 31 per cent plan to use digital to drive greater operational efficiencies. The report said this lead to missing out on bottom-line improvements.

“There appears to be a singular focus on revenue growth, with businesses neglecting an important requirement of the digital era: the transformation of operations to unlock trapped value,” said , geographic unit and country senior managing director – Accenture in India.

“Businesses in India must place equal emphasis on using digital to drive efficiencies at the heart of the business and using the freed-up funds to drive strategic investments in new products, customer experiences and business models that create long-term value,” Basu said.

While The Industrial Sector In India Has Grown 6 Per Cent Annually Since 2011, To More Than $700 Billion In 2016, The Value Addition Per Employee Is One Of The Lowest In The World, At Only $6,000.
While the industrial sector in India has grown 6 per cent annually since 2011, to more than $700 billion in 2016, the value addition per employee is one of the lowest in the world, at only $6,000. (Photo: Accenture)

Accenture claimed that it research has found that industrial equipment companies globally could reduce their total cost per employee by almost 20 per cent and increase their market capitalisation by nearly 25 per cent if they combine technologies such as autonomous robots, , blockchain, big data and 3D-printing.

Accenture said that Indian manufacturers have been struggling to achieve globally competitive scale and productivity. While the industrial sector in India has grown 6 per cent annually since 2011, to more than $700 billion in 2016, the value addition per employee is one of the lowest in the world, at only $6,000.

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Sanjay Singh
Sanjay Singh
Sanjay Singh covers startups, consumer electronics and telecom for TechObserver.in
- Advertisement -
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
- Advertisement -Veeam
- Advertisement -Reimagining Public Sector Analytics
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

How AI power struggle opens up new frontier in global geopolitics

The far-reaching influence AI has on information processing, national security, military operations, the economy, and strategic decision-making is set to reshape the geopolitical landscape and redefine the power dynamics between nations.

RELATED ARTICLES