New Smart Industry Readiness Index Prioritisation Matrix to bridge gap between Industry 4.0 awareness and implementation

The Singapore Economic Development Board (EDB) today launched the Smart Industry Readiness Index Prioritisation Matrix a management planning tool to help manufacturers worldwide prioritise focus areas and digital initiatives based on their facilities’ Industry 4.0 maturity and current financial performance. Unveiled at the world’s leading and largest trade fair Hannover Messe, the tool was developed in consultation with knowledge partners McKinsey & Company, SAP, Siemens and TÜV SÜD.

The Prioritisation Matrix aims to close the gap between awareness and implementation of Industry 4.0 solutions by helping companies be more systematic and robust in their implementation and optimising resource allocation for maximum value.

The Prioritisation Matrix uses four inputs to derive a numerical score depicting the relative benefit a company will gain when transformation initiatives are focused on a particular business area (see Annex A for detailed explanation on Prioritisation Matrix formula). This provides manufacturers with greater clarity on desired outcomes and a higher level of confidence that implemented projects would generate sufficient value.