Hannover, Germany, April 01, 2019 – The Singapore Economic Development Board (EDB) today launched the Smart Industry Readiness Index Prioritisation Matrix a management planning tool to help manufacturers worldwide prioritise focus areas and digital initiatives based on their facilities’ Industry 4.0 maturity and current financial performance. Unveiled at the world’s leading and largest trade fair Hannover Messe, the tool was developed in consultation with knowledge partners McKinsey & Company, SAP, Siemens and TÜV SÜD.
The Prioritisation Matrix aims to close the gap between awareness and implementation of Industry 4.0 solutions1by helping companies be more systematic and robust in their implementation and optimising resource allocation for maximum value.
The Prioritisation Matrix uses four inputs to derive a numerical score depicting the relative benefit a company will gain when transformation initiatives are focused on a particular business area (see Annex A for detailed explanation on Prioritisation Matrix formula). This provides manufacturers with greater clarity on desired outcomes and a higher level of confidence that implemented projects would generate sufficient value.
“As a medium-sized enterprise with limited resources, it is especially important that we invest our time and effort in the right areas,” said Mr Amos Leong, CEO, Univac. “The Prioritisation Matrix is a valuable tool because it highlights the high impact areas that we should focus on for our Industry 4.0 plans.”
“We began our transformation journey back in 2014, where Industry 4.0 was a relatively new concept. The Prioritisation Matrix is therefore timely as it not only validates our ongoing initiatives, but also helps provide greater clarity on their desired outcomes,” said Ms Maeve Lynch, Plant Manager of Pacific Refreshments Pte. Ltd. (Coca-Cola). “We will be using the recommendations from the Prioritization Matrix to review our implementation plans and ensure that we are able to harness the full potential of Industry 4.0 over time.”
The Prioritisation Matrix builds upon the Smart Industry Readiness Index Assessment Matrix, which was launched in November 2017 (see Annex B). The Assessment Matrix helps companies identify their Industry 4.0 maturity across three fundamental pillars of Industry 4.0: Process, Technology and Organisation.
“When it comes to Industry 4.0, many companies often focus on technology, while neglecting other critical enabling aspects such as internal company processes and manpower development,” said Mr Chng Kai Fong, Managing Director, EDB. “The Prioritisation Matrix complements the Assessment Matrix by providing a holistic approach to transformation, ensuring companies prioritise their efforts on the areas that are most critical to their business.”
The Prioritisation Matrix is available to all manufacturing companies globally. Interested parties may contact EDB or any of the respective knowledge partners to learn how they can utilise the application for their facilities. A downloadable copy of the whitepaper detailing the development of the Prioritisation Matrix can be found at www.edb.gov.sg/en/news-and-resources/news/advanced-manufacturing-release.html.
For media queries, please contact:
Mr Clement Cher
Senior Lead, Public Affairs
Singapore Economic Development Board
Tel: (65) 6832 6706
HP: (65) 9650 8435
Email:
clement_cher@edb.gov.sg
Posted on Jul 13, 2020 under
PRESS RELEASE