Singapore, 24 January, 2019 – Singapore Economic Development Board (EDB), McKinsey & Company, SAP, Siemens and TÜV SÜD today announced a collaboration to support companies, both big and small, scale the adoption of Industry 4.0 technologies.
The collaboration aims to develop tools and offerings that can accelerate the digital transformation of manufacturers in Singapore and internationally. This is achieved by leveraging the collective expertise of:
In 2017, EDB and TÜV SÜD launched the Smart Industry Readiness Index, which is a diagnostic tool to help companies assess their readiness for transformation (see Annex B). The Index has been substantially applied in Singapore and is being rolled out in Indonesia, Thailand, India, USA, Europe and Japan.
As a next step, EDB in collaboration with McKinsey & Company, SAP, Siemens, and TÜV SÜD will enhance the Index with a computational tool that helps companies identify and recommend focus areas and digital initiatives to prioritise based on their individual readiness score and current financial performance. This “Prioritisation Matrix”, will be launched at Hannover Messe 2019, alongside a white paper detailing its concept and development.
Note for editorial teams: The press release can also be downloaded as PDF here.
Press-contact: Dr Thomas Oberst