Singapore—Leading global management consulting firm The Boston Consulting Group (BCG) is investing in building Industry 4.0 capabilities in Singapore. BCG has launched its first Asian Innovation Centre for Operations (ICO) and the Industry 4.0 Accelerator Program in partnership with the Singapore Economic Development Board (EDB). These new capabilities will help manufacturing companies in the region to transform their business models and manufacturing operations with advanced technologies, new digital processes and leading management practices. These will help Singapore to reposition itself as a manufacturing hub with strong digital capabilities.
The ICO brings together the best of BCG’s global expertise developed through research and work with leading Industry 4.0 adopters globally. These include a model factory and mobile labs to provide an immersive learning experience, proprietary tools and data capabilities to create new insights, database of more than 250 use cases linked to concrete value creation across industries and functions, learning curriculum to upskill management and workers, and open platform technology partnerships. The Industry 4.0 Accelerator Program offers end-to-end support for companies to transform their core businesses and operations, create new revenue models and ventures, and build new organizational capabilities and skills.
“The choice of Singapore for BCG’s first ICO in Asia reflects our commitment to help Singapore stay at the forefront of advanced manufacturing, retain its position as a key manufacturing hub, and upskill its workforce for the future. Our Industry 4.0 Accelerator Program is developed through our close partnership with the EDB and is the first of its kind for BCG anywhere in the world.” said Rich Lesser, President and CEO of BCG.
“Our vision is for Singapore to be the global hub for advanced manufacturing, where companies can develop, test-bed and adopt innovative technologies to improve revenues, quality of production and reduce costs. BCG’s investment will help to complement Singapore’s advanced manufacturing ecosystem by developing deeper industry expertise, technological capabilities and relevant advanced manufacturing solutions, which can be scaled to the rest of the region and the world.” said Mr. Yeoh Keat Chuan, Managing Director of the EDB.
Globally, the manufacturing and industrial sector today face multiple headwinds such as increasing costs, decreased productivity growth, ageing workforce, and sluggish global demand. These sectors would be ill advised to continue in a "business as usual" mode. Not only would they risk falling behind but given the rapid pace of technological change, they may soon find themselves unable to catch up with the leaders. However, the concern about job loss is also a real one and perhaps the most important implication. Industry 4.0 is emerging as a viable response to these pressures and BCG did a detailed study assessing how Industry 4.0 would affect Singapore. The study demonstrated that Industry 4.0 could be a game-changer for Singapore. With rapid adoption, Singapore could boost labor productivity by ~30%, create 22,000 new jobs with average salaries up to 50% higher compared to current jobs, and add S$36Bn in total manufacturing output and revenue for companies, including MNCs and local firms, by 2024.
As part of the program, BCG will be collaborating with a local partner to set up a model factory in Singapore that offers deep immersion, experimentation and training on Industry 4.0 topics. This is BCG’s first model factory in Asia and will be a key hub for companies in the Asia Pacific region to understand and harness these exciting new capabilities. The Singapore model factory will launch in the second half of 2017 and will plug into BCG’s existing network of five other such centers in Europe and US, all of them established with best-in-class partners.
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