Manufacturing sector has been the backbone of economy for a large number of countries across the globe. The focus of Indian government on enhancing manufacturing contribution to 25% of GDP through various economic reforms has certainly been an initiative in the right direction. With many other countries working towards increasing its manufacturing output, the competition seems to be increasing day by day. India has been a key manufacturing hub for many global organizations but will need to do more in future to remain a preferred manufacturing hub.
The need to have a customer centric, responsive yet robust value chain is the need of the hour, more than ever before. Addressing the rapidly changing market needs and to remain competitive, an integrated value chain with data accessibility and transparency becomes even more critical. Additionally, interoperability with business and legacy systems of the enterprise to maximize visibility of their manufacturing operations is of utmost importance. The power of IIoT cannot be ignored much longer if one has to stay ahead in this competitive world.
Over the years, Frost & Sullivan has engaged with the industry in chalking out strategic roadmaps and endeavored to serve as a guide towards building Future Ready Factories. Bringing in a global framework of mapping excellence, Frost & Sullivan through its India Manufacturing Excellence awards has walked the journey towards excellence by recognizing companies that set industry benchmarks.
This year is even more exciting as the ever evolving model of assessment has elements of Smart Manufacturing incorporated in the assessment process with an endeavor to share meaningful insights to factories on their path to Industry 4.0. With a commitment of over 15 years and over 700 manufacturing units being assessed, Frost & Sullivan is all set to drive the common agenda of propelling manufacturing growth with an objective of enhancing India's manufacturing competitive advantage.