1. 70% of companies either have a digital transformation strategy in place or are working on one.
2. Companies will spend a total of more than $2 trillion on digital transformation.
3. Executives say the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%).
4. 27% of companies say digital transformation is a matter of survival.
5. 56% of CEOs say digital improvements have led to increased revenue.
6. Digitally mature companies are 23% more profitable than their less mature peers.
7. 93% of companies consider innovative technologies as necessary to reaching their digital transformation goals.
8. 60% of executives believe connected technology and the Internet of Things (IoT) will play an important role in their company’s digital strategy.
9. 86% of companies believe cloud technology is critical to digital transformation.
10. 28% of digital transformations are led by the CIO, and 23% are owned by the CEO.

Government makes changes to Interest Subvention Scheme for MSMEs

Digital MSME:

Smart factories set to contribute $2.2 trillion to the global economy

Article:

Delivering excellence in leading frame, chassis & exhaust system manufacturers

Upcoming Events:

Plastivision India

IMTEX FORMING

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The Micro, Small and Medium Enterprises [MSME] sector is a significant contributor towards building up of a strong and stable national economy. Hon’ble Prime Minister while launching outreach initiative for MSME sector on November 2nd, 2018 highlighted that access to credit, access to market, technology upgradation, ease of doing business and a sense of security for employees are five key aspects for facilitating MSME sector. Twelve announcements have been made to address each of these five categories.

As part of access to credit, Prime Minister announced 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.Ministry of MSME (MoMSME) has decided that a new scheme viz. “Interest Subvention Scheme for Incremental credit to MSMEs 2018” will be implemented over 2018-19 and 2019-20.

Source: RBI Notification –  https://bit.ly/36KnPm2

US retail major Walmart will open 25 institute hubs in India in next five years, which would train 50,000 entrepreneurs from the micro, small & medium enterprises (MSME) sector.

The institutes opened under ‘Walmart Vriddhi Supplier Development Program’ would be spread across the nation and would be strategically located near the manufacturing clusters.

KEY POINTS:

• Around the globe, manufacturers are turning to robotics and automated technologies to streamline operations.
• Manufacturers plan to invest more than ever in smart factories.
• The favorable areas for deployments are IoT and AI, which support data-driven operations, as well as remote and mobile capabilities.

Smart factories could add between $1.5 trillion to $2.2 trillion to the global economy by 2023, according to a new report released by Capgemini Research Institute. This contribution will be through productivity gains, improvements in quality and market share, along with customer services. Operational excellence through closed- loop operations will make significant contributions.

The study, which surveyed over 1,000 industrial company executives across 13 countries, found that organizations are showing an increasing appetite and aptitude for smart factories. It highlights several shifts in the sector that have occurred over the last few years. In 2019, for instance, it finds that 68% of organizations “had ongoing smart factory projects” compared to just 43% in 2017.

Manufacturers now plan to create 40 per cent more smart factories in the next five years and increase their annual investments by 1.7x compared to the last three years. The research suggests that 5G is set to become a key enabler as its features would provide manufacturers the opportunity to introduce or enhance a variety of real-time and highly reliable applications.

The report says that three main challenges are preventing progress: the “deployment and integration of digital platforms and technologies”; cybersecurity and data readiness; and the development of “hybrid and soft skills.”

According to the new research, India still has big distance to cover when it comes to smart factory adoption. The main constraints for the low smart factory adoption were the awareness and the investment. The Government of India is working continuously with different organizations like CII to increase adoption rate and also giving subsidies to MSMEs.

By adopting the latest technology in daily operations to drive efficiency, accuracy, innovation and reduce turnaround time, SMEs can grow further. As per the Google-KPMG 2017 report, digital SMEs grow revenues and profits up to twice as fast as offline counterparts, capture greater efficiencies, communicate effectively, reduce lead time, and more.

OpExWorks Solutions Pvt Ltd has also kickstarted an initiative to help SMEs to digitise their operations at reasonable cost with  RIYO . Using RIYO , SMEs can use world-class tools and practices for achieving manufacturing excellence with high product quality, real-time control over production for higher productivity and robust maintenance management framework.

In last couple of months, 500+ MSMEs subscribed to their Free Account. You can register for free account at https://bit.ly/38R0YYf

Venue: Bombay Exhibition Centre (BEC), Mumbai, India

Link: https://www.plastivision.org/

The event provides the perfect platform for plastic industry players like manufacturers, dealers, buyers and end-users. It is well-appreciated for helping participants stay updated with the latest technological trends.

The article is about a common factor in the leading 10+ brands in manufacturing of frames, chassis and exhaust systems which are supplied to India’s all automobile manufacturers. Along with routine tasks done by every other manufactures, they also incorporated a system which made stand them out loudly, differently and distinctively.

They all have focused on  the supply chain excellence, supplier quality assurance and new product development. They all realized the quality and efficiency can not derive only by focusing on in-house processes, but they all have to focus on the entire manufacturing value chain. By deploying cloud suite in their day-to-day activities they achieved –

• Real-time collaboration with suppliers for child part quality, concerns and compliance.
• Paperless concern management at all suppliers through single dashboard.
• Online assessment of suppliers action on the concerns raised.
• Online PDI receipts from suppliers with ‘lot numbers’ for traceability.
• Paperless compliance management for products, process and systems at suppliers with non conformity (NC) resolution tracking.
• Alerts to suppliers for child parts daily rejection and PPM by e-mail in real time.

They all are using this system for last 3 years. Below numbers will speak itself about the usability of the system.

• 5 million+ 2W/3W/4W Frames, Chassis and Exhaust Systems manufactured in a year.
• 2500+ Child Parts
• 300+ Tier II Child Parts Suppliers
• 1000+ PDI submitted online every day
• 3000+ Audits Conducted online in last 3 years
• 200000+ Audit check points managed in last 3 years

They are using OpExWorks ‘ Supplier Excellence and SQA system . This is a cloud based platform shared between the manufacturer and its suppliers for real-time collaboration. With the new updates, the platform offers 12 modules

1. Incoming Inspection
2. New Product Development
3. Concern Management
4. Audit & Compliance Management
5. Gauge & Calibration
6. Tools & Dies Maintenance
7. Technical Compliance
8. Regulatory & Statutory Compliance
9. Improvement projects
10. Vendor Score Card & Rating
11. Kaizen Network
12. Change Management

With this implemented at the manufacturer, RIYO  has been implemented at their suppliers. RIYO suite offers the web interface and mobile app wherein MSMEs can manage all their day-to-day activities and achieve a manufacturing excellence, high product quality, on-time delivery and low maintenance costs.