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Technology Investment in Industries

India is leading the way when it comes to technology investment in manufacturing, reports Livemint, citing the Rockwell Automation Report.

A survey of more than 1,350 manufacturers across 13 leading manufacturing countries, the “State of Smart Manufacturing Report” shows that the sector views technology as “an advantage to improve quality, agility, and innovation, and to attract the next generation of talent.”

In India, manufacturers are investing 35% of their operating budgets into technology, exceeding the global mean average of 23%. Which technologies had the highest return on investment? Process automation, Cloud/ SaaS, Industrial Internet of Things/ Internet of Things, machine integration, and machine learning/ artificial intelligence, says the report.

The adoption of smart manufacturing is on the rise globally. As many as 45% of the respondents plan to use the technology within the next year, and 39% over the next couple of years. However, challenges persist — employee resistance to technology adoption and the need for knowledge and skills to take advantage of the technology and its benefits are the two key ones.

What does this mean for the workforce? Almost 89% of manufacturers surveyed expect to maintain or grow employment as a result of technology adoption. More than half of the manufacturers in India plan to introduce flexible scheduling to address workforce shortages, and 49% plan to utilise technology to create more engaging jobs.

Even as technology adoption and automation increases, soft skills continue to be in demand. According to the report, manufacturers seek employees who can adapt to changing requirements and collaborate in teams.


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