Digital Transformation Could Save Manufacturers $1 Trillion Annually, Says Expert in Wipro Sponsored Harvard Business Review Analytic Services Report
Report cites value of bold digital transformation vision and strong purpose as key to the data-intensive future of manufacturing
NEW YORK | BANGALORE, India – Aug. 2, 2022: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, released a report in association with Harvard Business Review Analytic Services entitled, Manufacturing 2025: Bolder Vision, Stronger Purpose. The report explores how forward-thinking manufacturers are embracing enterprise-wide digital transformation to redefine their value propositions, drive enhanced innovation and deploy predictive analytics to better manage supply chains and operations, as well as to unlock new revenue streams.
Redefining Manufacturing of the Future
Today, the manufacturing industry is undergoing an unprecedented digital transformation, empowering manufacturers to drive new innovations in products and services, create superior customer experiences, while streamlining operations.
According to the report, innovative manufacturers are leveraging greater connectivity and increased analytical capability to drive fundamental shifts—transforming every aspect of the business from product design to customer experience, as well as advancing their sustainability goals.
The automotive sector is developing software defined vehicles (SDVs)—hyperconnected supercomputers on wheels with active safety, infotainment and advanced autonomous capabilities—that provide a more personalized automotive experience. Industrial manufacturers are exploring as-a-service (XaaS) business models with connected products that last longer, operate more predictively, and engage users across the lifecycle.
New business models such as servitization, where customers pay a fee per unit of a service consumed instead of purchasing a product that provides that service, are ushering in a new era of customer centricity through a focus on new, personalized products and better customer experiences across all stages of the product lifecycle, says the report.
“Digital technologies are empowering manufacturers to embark on an enterprise-wide digital transformation journey. The industry is at the cusp of an unparalleled opportunity to create new business models that operate at the intersection of commercial success and environmental sustainability,” says Ashish Saxena, Vice President & Manufacturing Sector Head, Americas. “C-suite sponsorship, proactive talent re-skilling, and a clear articulation of the bolder vision with a stronger purpose is key to this digital transformation.”
A Bright, Data-Intensive Tomorrow
The report quotes Paul Calver, founder and digital manufacturing director of The Data Analysis Bureau, as saying manufacturing firms could be losing up to $1 trillion a year in unscheduled maintenance—a problem that digital transformation can help with. Leading manufacturers are mitigating this by implementing a smart factory and artificial intelligence approach to harness the untapped wealth of data that they already have.
Many manufacturers are already scaling emerging concepts such as blockchain, dedicated software entities, and smart factory concepts, including digital twins and the use of predictive maintenance to respond to market conditions by improving operations. They are also setting up systems to capture new forms of data, build on historical learnings and draw on the self-adapting predictive maintenance these data streams offer to deliver immediate cost savings.
“The structure and multiplicity of data sources for factories have challenged manufacturers in their quest to obtain a unified view of their machines, material, and methods,” says Ankur Pawa, Manufacturing Domain Head, Wipro Ltd. “Today’s cognitive and advanced technologies enable manufacturers to convert factory floor data into valuable enterprise knowledge, leading to improvements in quality and productivity."
Digital Transformation for a Sustainable Future
Finally, the report highlights how many manufacturers are taking an organization-wide, holistic approach to their digital transformation endeavors, including fostering a culture of innovation, investing in people, and aligning business models with their sustainability agenda.
Leading manufacturers are looking to accelerate progress towards environmental, social, and governance (ESG) goals, by adopting digital technologies across the manufacturing industry value chain, says the report. Further, manufacturers are leveraging the digital, decarbonized, and dependable (3D) sustainability framework to create value for ESG stakeholders, become resilient, and discover co-creation opportunities with customers.
For further information on the findings of the report, please visit www.wipro.com and www.hbr.org.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 240,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com
Media Contacts:
Sanuber B. Grohe
Wipro Ltd.
Sanuber.grohe@wipro.com
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