The 3 Global Leaders of Digital Transformation: Electronics, Pharmaceutical, and Semiconductor Industries
Three industries are leading the charge when it comes to global digital transformation. They are electronics, pharmaceutical, and semiconductors.
These three industries are at the forefront because they are early adopters of advanced manufacturing concepts, technologies, and applications. This was one of the key findings of the second edition of the Manufacturing Transformation Insights Report, released by the Singapore Economic Development Board (EDB) and the World Economic Forum (WEF).
The report was the result of an 18-month collaboration between EDB and WEF. The report is based on data from nearly 600 manufacturing companies in 30 countries that completed the Smart Industry Readiness Index (SIRI) assessment.
A Summary Of the Key Findings
It comes as no surprise that given their efforts and investments, semiconductor, electronics, and pharmaceutical companies are at the forefront of Industry 4.0 transformation efforts.
In 2017, EDB created the index in collaboration with leading technology companies, consulting firms, and other experts. It is the world’s first independent digital maturity assessment for manufacturing companies. The report stated that there is a high level of diversity across various manufacturing sectors and that more tailored approaches are needed to better support industry transformation.
Manufacturers should place more emphasis on refreshing and broadening their digitalisation and workforce retraining strategies. This was another key finding of the report.
The future of manufacturing is not about technology, but about technology and people. It will be extremely difficult to deploy new use cases and enable a successful digital transformation strategy unless you are able to bring your people on board.
The Overall Manufacturing Landscape in Singapore
Manufacturers in the semiconductor and pharmaceutical industries were discovered to be leaders in the Republic’s adoption of Industry 4.0 initiatives. This was in the first edition of the report, published in 2019. The data was based on data from 200 Singapore manufacturing companies.
The pharmaceutical, electronics, and semiconductor industries dominate Singapore’s overall manufacturing landscape. Large semiconductor manufacturing projects were among the $11.8 billion in fixed asset investments attracted by the Republic in 2021.
The report’s findings will benefit the Singapore manufacturing community in a variety of ways. The insights and real-world case studies in this report will enable public and private-sector stakeholders to develop tailored interventions and uncover new opportunities from digital transformation.
They include assisting manufacturers in developing and strengthening their transformation strategies, bolstering the efforts of Singapore-based tech and advisory firms. This will be a catalyst for digital transformation among manufacturers, and informing government and industry association sectoral planning and industrial development efforts.
The Digital Future
There’s a reason why Singapore is the city of the future. Singapore’s Smart Nation initiative has catapulted the country to the title of World’s Smartest City. To compete in the digital economy, we must digitally transform our businesses and embrace digitalisation.
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