Digitalization shaping a new era of innovation and growth2 min read . Updated: 27 May 2019, 10:24 AM IST
At the Siemens Innovation Day 2019, find out how the answer to India’s most pressing challenges lies in adopting technology.
India is one of the fastest growing economies in the world, the World Bank has projected. In the future, industry aims to boost the contribution of the manufacturing sector from 15% to 25% of the GDP. In order to support this growth, India will need an ecosystem comprising tier 1, tier 2, as well as tier 3 suppliers, with a high level of efficiency, flexibility, and quality focus.
Experts feel that this rapid development needs to be powered by digital innovations. To help the country realize its true potential, it needs to be backed by digitalization. Digitalization promises lower costs, improved production quality, flexibility and efficiency, shorter response time to customer requests and market demands, and new and innovative business opportunities.
Here’s a look at how digitalization is closely linked to the growth of our economy, and how it can solve some of the most pressing challenges.
The pressure on India’s urban transportation system is huge—the country’s transport demand has grown enormously in the last two decades. As a result, we see major cities suffering from traffic congestion, air and noise pollution, and parking constraints. These can be, however, tackled by designing, for instance, an integrated mobility platform (IMP). An IMP is one that unifies different modes of transport through the use of technology, thereby significantly improving how we travel.
Intelligent urban infrastructure
A UN report states that India is likely to add 300 million new urban residents by 2050. In order to accommodate such a large number, we need to boost our existing infrastructure.
Digitalization can also help us achieve this; innovative and cutting-edge solutions have the potential to raise the standard of living, as well as promote sustainability.
Efficient energy solutions
As power consumption continues to rise in India, we can turn to digitalization to make our energy systems more efficient and intelligent. Studies have indicated that digitalized energy systems have the capability to reduce energy costs and wastage by delivering it to the right place and at the right time. A case in point is a digital fleet center solution, which can connect power plants located in different parts of the country. The same helps in reducing planned outages, increase availability of power assets, and optimize costs.
You can learn more about digitalization at the Siemens Innovation Day—a thought leadership event that has experts discussing the impact of latest technologies such as Artificial Intelligence, IoT, and Machine Learning.
Expect to also know about the ‘Digital Twin Technology’, which is used to fetch a digital representation of a product. This helps industries to create accurate models of a product or assess the impact of design changes.
The summit is being held in Mumbai on May 27. You can register for the live streaming by clicking here.
At last year’s Innovation Day, the company launched an industry vertical markets report titled ‘Unlocking the Potential with Digitalization’. The report describes the effects that Siemens’ innovative technologies have had on industries such as automotive, food and beverages, aerospace and defense, pharmaceuticals, and power utilities.
Innovation Day India 2019 will focus on the promises of digitalization, and how the country can leverage the same for different industries.