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Digital Transformation Could Save Manufacturers $1 Trillion Annually, Says Expert in Wipro Sponsored Harvard Business Review Analytic Services Report

·6-min read

Report cites value of bold digital transformation vision and strong purpose as key to the data-intensive future of manufacturing

NEW YORK & BANGALORE, India, August 02, 2022--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, released a report in association with Harvard Business Review Analytic Services entitled, Manufacturing 2025: Bolder Vision, Stronger Purpose. The report explores how forward-thinking manufacturers are embracing enterprise-wide digital transformation to redefine their value propositions, drive enhanced innovation and deploy predictive analytics to better manage supply chains and operations, as well as to unlock new revenue streams.

Redefining Manufacturing of the Future

Today, the manufacturing industry is undergoing an unprecedented digital transformation, empowering manufacturers to drive new innovations in products and services, create superior customer experiences, while streamlining operations.

According to the report, innovative manufacturers are leveraging greater connectivity and increased analytical capability to drive fundamental shifts—transforming every aspect of the business from product design to customer experience, as well as advancing their sustainability goals.

The automotive sector is developing software defined vehicles (SDVs)—hyperconnected supercomputers on wheels with active safety, infotainment and advanced autonomous capabilities—that provide a more personalized automotive experience. Industrial manufacturers are exploring as-a-service (XaaS) business models with connected products that last longer, operate more predictively, and engage users across the lifecycle.

New business models such as servitization, where customers pay a fee per unit of a service consumed instead of purchasing a product that provides that service, are ushering in a new era of customer centricity through a focus on new, personalized products and better customer experiences across all stages of the product lifecycle, says the report.

"Digital technologies are empowering manufacturers to embark on an enterprise-wide digital transformation journey. The industry is at the cusp of an unparalleled opportunity to create new business models that operate at the intersection of commercial success and environmental sustainability," says Ashish Saxena, Vice President & Manufacturing Sector Head, Americas, Wipro Ltd. "C-suite sponsorship, proactive talent re-skilling, and a clear articulation of the bolder vision with a stronger purpose is key to this digital transformation."

A Bright, Data-Intensive Tomorrow

The report quotes Paul Calver, founder and digital manufacturing director of The Data Analysis Bureau, as saying manufacturing firms could be losing up to $1 trillion a year in unscheduled maintenance—a problem that digital transformation can help with. Leading manufacturers are mitigating this by implementing a smart factory and artificial intelligence approach to harness the untapped wealth of data that they already have.

Many manufacturers are already scaling emerging concepts such as blockchain, dedicated software entities, and smart factory concepts, including digital twins and the use of predictive maintenance to respond to market conditions by improving operations. They are also setting up systems to capture new forms of data, build on historical learnings and draw on the self-adapting predictive maintenance these data streams offer to deliver immediate cost savings.

"The structure and multiplicity of data sources for factories have challenged manufacturers in their quest to obtain a unified view of their machines, material, and methods," says Ankur Pawa, Manufacturing Domain Head, Wipro Ltd. "Today’s cognitive and advanced technologies enable manufacturers to convert factory floor data into valuable enterprise knowledge, leading to improvements in quality and productivity."

Digital Transformation for a Sustainable Future

Finally, the report highlights how many manufacturers are taking an organization-wide, holistic approach to their digital transformation endeavors, including fostering a culture of innovation, investing in people, and aligning business models with their sustainability agenda.

Leading manufacturers are looking to accelerate progress towards environmental, social, and governance (ESG) goals, by adopting digital technologies across the manufacturing industry value chain, says the report. Further, manufacturers are leveraging the digital, decarbonized, and dependable (3D) sustainability framework to create value for ESG stakeholders, become resilient, and discover co-creation opportunities with customers.

For further information on the findings of the report, please visit www.wipro.com and www.hbr.org.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005863/en/

Contacts

Media Contact:
Sanuber Grohe
Wipro Limited
sanuber.grohe@wipro.com