Singapore boosts manufacturing with Prioritization Matrix
SINGAPORE is one of the world’s most competitive economies thanks to the constant, strong legislative support.
Now, Industry 4.0 is now more popular amongst manufacturers when compared to what it was just a few years ago. Despite that, the rate of adoption is not on par.
Currently, manufacturing accounts for one-fifth of Singapore’s gross domestic product (GDP).
With Industry 4.0, the sector will increase in total output to S$36 billion (more than US$26.5 billion) by 2024.
On top of that, the fourth industrial revolution will also boost productivity by 30 percent and create 22,000 new jobs in Singapore in the same timeframe.
Recognizing the benefits of digitizing the manufacturing sector as well as the struggles with adoption, the Singapore government steps in.
This week, Singapore’s Trade and Industry Senior Minister Dr. Koh Poh Koon launched a new Prioritization Matrix planning tool.
This is an add-on to the existing Smart Industry Readiness Index (SIRI) Assessment Matrix that launched in 2017.
The SIRI Assessment Matrix looks into companies across 16 dimensions to evaluate their facilities.
That is to say, the Assessment Matrix serves as a diagnostic tool to help companies understand where they stand in the industry.
After that, the Prioritization Matrix will zoom in on four key principles to have a closer look at companies’ readiness for Industry 4.0.
How is Prioritization Matrix different from the SIRI Assessment Matrix?
The comprehensive framework will assess the trajectory of where the company is at present, where it aims to be, and everything in between.
On top of outlining a timeline, it will help companies visualize the different stages of Industry 4.0 for their respective companies.
This can manage the expectations of the journey for all parties involved to ensure a smooth transformation journey.
Now, the new Prioritization Matrix aims to “not only accelerate the implementation of [Industry 4.0 initiatives] but also to extract the maximum value.”
How does the Prioritization Matrix benefit businesses?
Dr. Koh quoted the lack of understanding as the reason why manufacturers have yet to take the plunge into Industry 4.0.
Without a doubt, Industry 4.0 will revitalize industrial businesses.
However, transformation plans require a great amount of time and resources to actually plan and execute.
“This is where the Prioritisation Matrix helps them to list out all the things they can do in a sequential manner,” Dr. Koh told The Business Times.
The step-by-step guide will help companies actualize business outcomes in the future.
With the new Prioritization Matrix, the Singapore government hopes to relief manufacturers’ struggles approaching Industry 4.0.
Consequently, this will help the Singapore economy keep its momentum.
Digital transformation plans are high on the agenda for many countries, but not all economies receive the same regulatory backing.