Where 53% of the industrial companies in India are using data analytics and more than 90% expect data to have a significant impact on their decision-making in five years, only 17% of the respondents rated their maturity in data analytics as advanced
More than a quarter (27%) of the industrial companies have ‘high’ digitization level which is expect to rise to 65% within the next five years in India, as votes in the survey by PwC. Globally this number is expected to grow from 33% to 72% during this period.
Industrial companies in India and Asia-Pacific have the advantage to leapfrog ahead of those in the developed economies given their greenfield starting positions which makes them have fewer legacy issues pertaining to outdated systems, processes, technological capabilities, etc.
Still nearly half of the Indian organisations suffer from lack of a clear digital operations vision from the leadership. Also, lack of skills in data analytic capabilities has been persistent and largest issue impacting more than half of the organisations in the country.
The manufacturing industry today accepts that digitization is no longer a luxury for organisations, but a necessity to drive revenues, efficiency and profitability. Progressive Indian industrial companies are willing to invest heavily in digitisation technologies such as sensors or connectivity devices as well as software and applications such as manufacturing excellence systems.
As per the report, at the end of this transformation process, successful industrial companies will become true digital enterprises, with physical products at the core, augmented by digital interfaces and data-based, innovative services.