Several manufacturers in the country are now using artificial intelligence and robotics to improve their sustainable business practices as well as increase revenue, according to a PwC report. According to the report, 93% of Indian manufacturers are using artificial intelligence.
The research was conducted by PwC India between May and July 2024 and included 180 senior executives from the automotive, cement, chemicals, industrial goods, metals and textiles sectors. According to research, 50% of Indian manufacturers are prioritizing investments in sustainable practices this year.
Sudipta Ghosh, Partner, PwC India, said that Industry 5.0 represents an important moment for the manufacturing sector, showing the important relationship between humans and AI, robotics and the Internet of Things. According to the report, some sectors are more active in terms of investment than others. For example, in the cement and industrial goods sectors, 95% of manufacturers are prioritizing investment in real-time inventory tracking this year-next year. Companies' readiness to enhance Industry 5.0 capabilities as well as their customers, workforce, supply chain, business models, and ESG commitment from 1 to An average of 6.42% increase in their income can be seen in 2 years.
Consumers willing to pay premium for durable products Automotive and metals executives said customers are willing to pay a premium for Evonative products as well as service. While executives in the textile and clothing sector noted that consumers were willing to pay a higher premium even for sustainable products. In addition, most manufacturers prioritized investment in monitoring inventory levels.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
