By 2025, digital transformation could add between $310 billion and $550 billion of economic value to the global chemicals and advanced materials industry, according to an analysis by the World Economic Forum (WEF) and IT major, Accenture.
Industry 4.0 has arrived, blurring the lines between the digital and physical worlds. As intelligent, interconnected systems seamlessly support activities along the entire value chain, Industry 4.0 is transforming manufacturing industries across the globe. The opportunities for digital transformation today are undeniable, and the time to act upon them is now.
Representing close to 20 percent of Singapore’s 2016 GDP, manufacturing is a key pillar of the nation’s economy. Today, the city-state is committed to leveraging Industry 4.0 as part of a national push into advanced manufacturing. More critically, Singapore recognises that successful Industry 4.0 adoption is not dependent on technology, but rather on the people who use it. As new technologies transform the workplace, there is an urgent need to take a closer look at the talent agenda.
This is especially critical given that 89 percent of C-suite decision-makers globally do not believe they have all the skills necessary for digital transformation. With this in mind, this white paper examines how Singapore’s manufacturing workforce must evolve to unleash its true potential, enrich its experience and pave the way for a sustainable digital transformation. This paper presents key emerging technical and soft skills and competencies, as well as the underlying changes to organisational culture needed to support their acquisition.
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