With China leading the global manufacturing index, certain transformative imperatives are emerging. Industry 4.0 as the present movement is popularly termed as includes heavy focus on robotics, autonomous vehicles, business analytics and even the new concept of cobots which are collaborative robots. This analytics is being fueled due to the enormous amount of data warehousing now taking place across varying touch points. With time, manufacturing will see an 85% improvement on forecasting accuracy. Likewise, the design engineering and inventory holding costs will come down. To execute all this, companies will need to ensure the top team is convinced about such efforts. A proper roadmap needs to be strategized for this. The workforce will need to be proactively engaged so the people remain onside. IT needs have to be well-understood across the org. Strong vendor partnerships will be needed at each stage. And finally, some critical skills will need to be built in from the outset.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/operations-blog/imperatives-for-chinas-factories-of-the-future?cid=other-soc-twi-mip-mck-oth-1808&kui=ZjMQhFk7wTx1MHiW2kt2bQ

Uploaded Date:01 September 2018