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To keep up with the rapid pace of advancing technology, manufacturers need to invest in both digital technologies and highly skilled technical talent to reap the benefits offered by the fast-paced factories, says a KPMG report titled, "Shaping the Factory of the Future: an Interconnected Value Chain."
New age industrial manu-facturing companies are transforming processes by adapting digital technologies and creating an interconnected value chain, involving adoption of digital technology, factory floor automation, product life cycle management, and advanced workforce skills.
The industrial automation market globally is expected to see a compound annual growth rate of about $186 billion by 2016, driven by energy efficiency, advanced technology and emerging economies.
According to the report, the potential investment benefits of investing in digital technology and skilled talent, include a significant boost in efficiency, safety and resource sustainability in production and logistics . Digital factory modeling will also lead to reduction of design errors and 'time to market' and optimisation of production processes.
