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DIGITAL VAULT


Unlock the Industry X.O advantage

Indian manufacturers’ opportunity to recast the digital value chain

INDUSTRIAL BUSINESSES IN FOR A DIGITAL FACELIFT

Digital technology is changing global industries beyond recognition, disrupting decades-old business habits, conventions and operating models. The market for big data in India alone is expected to grow eight-fold, reaching US$16 billion by 2025. Industrial companies across India understand the power of digital. However, their efforts are focused on short-term growth through digital with no long-term view on transformation. The result? They aren’t reaping the full benefits.

Indian enterprises can now transform their core business and target new growth. How? With Industry X.0—an action plan for becoming more adept at embracing and profiting from technological change. Our report provides a unique perspective—it not only addresses the “why” of digital reinvention, but also showcases the “how” of it and shares practical steps on how companies can tap the exponential financial promise of digital.

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INDIA: A PERFECT SETTING FOR LEADING WITH DIGITAL

India has a growing middle-class population, a large youthful talent base, a thriving startup culture and a government that is keen to incentivize digital. It was the No. 1 country for greenfield FDI in 2016, with investments of more than US$62 billion. FDI in manufacturing alone rose to a five-year high of over US$20 billion in FY2017.
FDI manufacturing in growing at 15% CAGR
FDI manufacturing in growing at 15% CAGR
India is the home to the 3rd largest digital native population
India is the home to the 3rd largest digital native population

The opportunity is ripe for Indian manufacturers

Many Indian businesses want to begin their digital journey, now. We surveyed 30 executives in India from companies with sales turnovers exceeding a billion dollars each. Our conversations revealed an interesting insight: Most Indian companies are very keen to leverage digital technologies to woo and acquire new customers, and enter new markets.

But, in their excitement to tap prospects of new growth, they are overlooking the opportunities to transform their core—product design, manufacturing and supply chain operations with digital. This unbalanced view of growth in the digital era is a worrisome trend in the making.

INDUSTRY X.0 - DIGITAL REINVENTION OF YOUR INDUSTRY

Indian manufacturers must rethink their digital approach to transform business operations and grow new revenue streams.

At Accenture, we recommend a novel approach to reinventing business with digital, an approach we call Industry X.0. Industry X.0 businesses embrace constant technological change—and profit from it.


Industry X.0 businesses: Smart, connected, living, learning

Industry X.0 businesses leverage combinations of advanced digital technologies to deliver exceptional operational efficiencies and continuously create new, hyper-personalized experiences. What’s more, they can now implement multiple technologies at once and realize massive benefits through strategic tech combinations.

Industry X.0- Realizing Digital Value in Industrial Sector

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COMPLETING THE JOURNEY TO BEING INDUSTRY X.0 READY

Industry X.0 businesses must address six strategic imperatives to digitally reinvent their industries.

Transform the core

    Transform the core: Make operations more flexible and efficient

Focus on experiences and outcomes

   Focus on experiences and outcomes: Create hyper-personalized customer experiences

Innovate business models

   Innovate business models: Design connected and intelligent products and services

Build a digital-ready workforce

   Build a digital-ready workforce: Redesign roles to help humans, robots and machines co-exist

Build new ecosystems

   Build new ecosystems: Shape and influence ecosystem partnerships

Pivot wisely

   Pivot wisely: Create shared performance metrics, inject digital into mainstream

Some Indian businesses are already experimenting along these lines in their quest to become Industry X.0-ready. They’re implementing technologies in combination for exponential returns. We’ve identified the top technology choices of Indian manufacturers.

Top 5 technologies for driving cost efficiencies
Top 5 technologies driving new growth

The emerging industry X.0 paradigm will unleash new energy into the world of industrial products and services. To be a viable player in the digitally contestable future, and continue on a profitable growth trajectory, Indian companies will need to plan and calibrate their industry X.0 journey. Companies that embark on this journey in a holistic manner today, will emerge as the digital leaders of tomorrow.



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