What do leaders think about the fourth industrial revolution?

Francisco Betti, Head of Global Industries at the World Economic Forum, emphasises the need for greater collaboration between business and governments in the face of disruptions to manufacturing caused by geopolitics, climate change and the Fourth Industrial Revolution (4IR). Another priority for the global manufacturing community is to invest in reskilling and upskilling and make the sector more attractive to new generations. "We need to make sure we are increasing the adoption of technology in a way that benefits everyone," says Betty. To address some of the challenges facing manufacturing, the Global Beacon Network, an initiative of the World Economic Forum, brings together the world's most advanced manufacturing centres to share knowledge and best practices to accelerate the adoption of 4IR technologies. By fostering collaboration, companies can collectively create a more inclusive and sustainable future for business.

Manufacturing goes beyond data science

Jay Lee, Professor and Director of the Centre for Industrial AI at the University of Maryland, stresses the importance of bridging the gap between technology and its real-world application in manufacturing. He advocates for a clear goal of adopting new technologies, addressing specific challenges and improving key areas such as product quality, manufacturing efficiency and supplier integration. Academia plays an important role in testing and validating new technologies before they are introduced to ensure they meet industry standards. Targeted innovation involves strategic planning, collaboration and continuous improvement to maximise the benefits of technological advances in manufacturing.

Industry is a major contributor to global CO2 emissions

Barbara Fry-Spreiter, Executive Vice President and General Manager of Schneider Electric's Industrial Automation Division, recognises the critical need for sustainability in the manufacturing sector, given its significant contribution to global CO2 emissions. Decarbonisation efforts, including electrification of processes, have already begun in heavy industry. But Frey argues that even more companies can reduce their carbon footprint and increase productivity by training employees, encouraging cross-departmental collaboration and implementing energy-saving programmes.

It's all about the interaction between humans and automation

Kathy Wengel, executive vice president, director of technical operations and risk at Johnson & Johnson, talks about the importance of involving employees at all levels in technology selection and implementation. Wengel emphasises the importance of plant employee involvement in operational technology adoption to improve and innovate industry processes. Thoughtful technology implementation decisions are necessary to improve sustainability, reduce risk and lower costs. Plant operators know how to better organise flows in the organisation, so their input and participation in technology development is critical to successful implementation. Wengel believes that the ability to co-operate between governments and public-private partnerships, as well as creating a learning environment, is critical to the technological future of the manufacturing industry.

It is important for governments to ensure workers have the skills they need

Jacqueline Poh, CEO of the Singapore Economic Development Board (EDB), emphasises the importance of harnessing automation, artificial intelligence and technological advancements to boost productivity and innovation in the manufacturing industry. As technology is rapidly evolving, skills development and retraining programmes are needed to equip workers with the necessary skills. A joint effort between industry, government and training institutions can bridge the skills gap and ensure that the workforce is prepared for the future of manufacturing. The World Economic Forum, in collaboration with the Singapore government and other stakeholders, has developed the Smart Industry Readiness Index (SIRI), a digital maturity assessment tool that allows companies of all sizes to assess their strengths, weaknesses and progress in embracing automation and technological advances. More than 850 companies in 30 countries have already benefited from the initiative, enabling them to improve their operations and contribute to the global community.

Digital tools are the next level

Katie George, Senior Partner and Head of Human Resources, McKinsey & Company, explains that the large-scale adoption of digital tools is opening up new opportunities for manufacturing, enabling real-time insights and optimising the entire enterprise and ecosystem. Integrating technologies such as artificial intelligence (AI) and automation improves profitability, reduces carbon emissions, and increases resilience and supply chain diversification. By optimising ecosystems, industries can make dramatic improvements, leading to economic integration and changing the perception of manufacturing jobs. The manufacturing sector is undergoing a transformation journey as part of the Fourth Industrial Revolution.

Through initiatives such as the Global Beacon Network and the Smart Industry Readiness Index (SIRI), companies can measure their progress, collaborate and accelerate the adoption of Fourth Industrial Revolution technologies that will ultimately make manufacturing a major driver of economic growth, innovation and sustainability. The Centre for Advanced Manufacturing and Supply Chain brings together more than 150 public and private sector leaders from the manufacturing and supply chain ecosystems to anticipate global trends, leverage advanced technologies, implement innovative business models and create new partnerships that drive economic, social and environmental impact.