Tremendous potential from Industry 4.0

In the session on “Deep Tech effect in manufacturing", the panellists spoke about the role of technology in supply chain management and shop floor management

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Prajakt Raut, Managing Partner, Supply Chain Labs, Lumis Partners, said Deep Tech is an advanced aid of technology for enhancing the value. There are manufacturing priorities such as product, time-to-market, employee safety, etc. After the pandemic, most suppliers have made their supply chains resilient. The kind of technologies that companies require now, need collaboration among multiple stakeholders. That's the single biggest change. Industries, including manufacturing sector, are now looking at deploying technologies.

Synchronization among multiple stakeholders is now very important. Technologies such as loT, 3D printing, blockchain, AI/ML are now being employed. Use of these technologies enhances the company's values. IoT is used for predictive maintenance. You can now layer this with blockchain. That authenticates participants to be in the ecosystem. Use case-specific things are now done by companies. Optimization has now been taken to a wider level. Procurement has been automated so that they can efficient operationally. A lot of Al and analytics are getting into the system that were previously not possible. Some people can build strategies that will help the company. Layered with Al, the system can run the organization in the most optimal way.

Synchronization between multiple stakeholders and use case context across the organizations is now happening. A lot more people are building more nimble solutions on top of their automation and ERP systems. Supply chain startups come in here, and they build nimble solutions and specific solutions within the ERP. This makes the organization's automation lot more resilient.