17 March 17 The Straits Times by SAMUEL CHAN
Global consultancy McKinsey & Co has launched a digital capability centre (DCC) in Singapore as a hub for South-east Asian firms.
The centre, at the Clean Tech Park as part of the Jurong Innovation District, has been set up in partnership with the Advanced Remanufacturing and Technology Centre.
Part of a global network of five DCCs, the centre will help firms harness powerful emerging technological changes - known as Industry 4.0 - that are disrupting industries across the world.
"Disruption is now a daily reality for companies; yet today's world of rapid technological change also presents opportunities for leaders to seize," said Mr Dominic Barton, the global managing partner of McKinsey.
"To realise the benefits of this disruptive change, even the most successful organisations must continually reinvent themselves, and McKinsey's network of digital capability centres has been designed with this challenge in mind."
The new technologies that come with Industry 4.0 will undeniably upend traditional manufacturing efficiency standards.
McKinsey's survey of 300 manufacturing bosses found that nine out of 10 expect Industry 4.0 to alter their operational effectiveness. Despite its potential advantages, only 48 per cent of manufacturers think they are ready for Industry 4.0, said McKinsey.
McKinsey's managing partner in South-east Asia, Mr Oliver Tonby, said: "To bridge this gap between hype and reality, DCC Singapore is very focused on implementation and execution. It will offer very practical support to companies at every stage of the digital transformation journey."
The centres will present examples of real enterprises adopting new technologies - DCC Singapore simulates a gearbox manufacturer with $2 billion in revenue and 8,000 employees.