With traditional manufacturing and logistics infrastructure having become commonplace on a global scale, operators must look beyond what exists now to what might emerge if they hope to thrive in the not-so-distant future. The differentiator will soon be a willingness to implement and stay on top of the Industrial Internet of Things (IIoT) innovations while finding ways to harness the accumulated data to secure vital
efficiency gains, according to a report by international legal practise Osborne Clarke and Conventus Law .
The report outlined how four of Asia’s leading economies – China, Hong Kong, India and Singapore – were in the forefront of innovating with IIoT for manufacturing, logistics and supply chains. For the survey, Osborne Clarke and Conventus Law surveyed 40 key business leaders operating in Asian markets in manufacturing, manufacturing services, logistics and supply chain related companies. Of these, 62.5 per cent had already implemented and were looking to expand the use of IIoT in their business.
Mainland China and Hong Kong were the key markets where companies are planning to or are already using IIoT technologies.
In China, the government initiative, ‘Made in China 2025’, provided high-tech industries such as robotics and AI, with subsidies, low-interest loans, rent-free land and tax breaks.
Singapore, too, was investing heavily in IIoT because of its Smart Nation strategy. This was being spear-headed by the government who had introduced open IIoT standards. In September 2018, the Singapore Management University (SMU) launched a new Centre for AI and Data Governance, receiving a S$4.5 million (US$3.3 million) grant from the government.
The IIoT revolution in India, the report said, was being driven by the logistics sector. Innovation had also been driven by government digital initiatives, such as the electronic waybill system, which has further incentivised companies to automate their operations.
To read up the report, click here.
Image Credit: Osborne Clarke