An Accenture research finds that balancing digital investments is key to driving sustainable growth in India’s manufacturing sector
Manufacturing businesses 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, according to reinventing Business with Industry X.0, a new report from Accenture.
Ninety-three percent of the executives surveyed – who represent 29 manufacturing and production companies in India with an annual turnover of at least US $1 billion – want to leverage digital for growth, with 76 percent intending to use digital to create new, experience-driven revenue opportunities. However, only 31 percent plan to use digital to drive greater operational efficiencies, likely 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 Anindya Basu, 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.”
For example, Accenture research has found that industrial equipment companies globally could reduce their total cost per employee by almost 20 percent and increase their market capitalization by nearly 25 percent if they combine innovative technologies such as autonomous robots, artificial intelligence, blockchain, big data and 3D-printing.
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