Smart Industry Readiness Index Set To Be Global Standard For Industry 4.0 Transformation

The Singapore Economic Development Board (EDB) has entered a partnership with the World Economic Forum (WEF), to drive the global adoption of the Singapore-led Smart Industry Readiness Index (SIRI)
Spread the love

The Singapore Economic Development Board (EDB) has entered a partnership with the World Economic Forum (WEF), to drive the global adoption of the Singapore-led Smart Industry Readiness Index (SIRI) it was announced at the Industrial Transformation Asia Pacific (ITAP) 2020 conference in Singapore.

EDB and the WEF intend to accelerate the use of SIRI as an internationally-recognised standard for Industry 4.0 (i4.0) transformation, and the adoption of new i4.0 technologies across manufacturing communities around the world.

Findings from the SIRI assessments will culminate in a whitepaper which will be published at the 2022 World Economic Forum Annual Meeting, to provide new insights on global development and progress around the i4.0 transformation of the manufacturing sector.

To scale SIRI into a global framework, 90 Certified SIRI Assessors (CSAs) will be trained over the next 18 months. These individuals will be industry veterans selected from the partners of this initiative – McKinsey & Company, Siemens and TÜV SÜD. Each CSA will undergo the SIRI Assessor Programme comprising a five-day training course, before taking the CSA examination. 

Candidates who pass the CSA examination will be certified to conduct Official SIRI Assessments.

EDB and the WEF will also engage government bodies, trade associations, and manufacturing leaders globally to share more on SIRI, with a target of conducting 500 to 750 new Official SIRI Assessments globally by the end of 2021. 

The assessments will establish the i4.0 maturity of these manufacturing operations and help benchmark the facilities against industry peers globally.

“Our partnership with the WEF will establish SIRI as an international benchmark to advance the pace of transformation for manufacturing around the world,” said Dr Beh Swan Gin, Chairman, EDB.

“Since its launch in November 2017, SIRI has successfully helped companies in Singapore and the region kickstart their transformation journey. By scaling this effort globally, more manufacturers will benefit from SIRI and realise the full potential of Industry 4.0,” added Dr Beh.

“Industry leaders face the twin challenges of the Fourth Industrial Revolution and the Great Reset. To master the scope and speed of this transformation, they have found a strong partner in the EDB Singapore. 

The World Economic Forum will serve as a global platform for EDB and its industry partners to further accelerate and scale these efforts,” said Jeremy Jurgens, MD, World Economic Forum.

“Manufacturers today are operating in a much more volatile environment, characterised by supply chain and workforce disruptions, seismic demand shifts and increased digitisation. In our latest global research, more than 90 per cent of respondents found Industry 4.0 helpful in keeping operations running during the pandemic,” said Karel Eloot, Senior Partner, McKinsey & Company.

“We expect Industry 4.0 to be a core enabler of the next normal, helping organisations meet customer requirements and improving operational resilience without increasing costs. It is therefore crucial that manufacturers have a common standard like SIRI so that they can better understand how to start, scale and sustain their Industry 4.0 transformation,” added Eloot.

“We look forward to collaborating with the World Economic Forum and the Singapore Economic Development Board to kick-start the global rollout of SIRI,” said Cedrik Neike, Member of the Managing Board of Siemens AG and CEO of Digital Industries. 

“By assisting manufacturers in identifying their current state of digital maturity, we are confident that SIRI Assessments will play a catalytic role in accelerating the digital transformation of the industry worldwide.”

“The SIRI initiative has evolved continuously since its inception and we are excited and privileged to join the World Economic Forum and EDB to take this initiative global,” said Professor Dr.-Ing. Axel Stepken, Chairman of the Board of Management, TÜV SÜD AG.

“Through this collaboration, we aim to equip more manufacturers with the right understanding and tools to take the next steps in their transformation journey.”

SIRI, launched in November 2017, was created by EDB in partnership with a network of leading technology companies, consultancy firms, and industry and academic experts.

It comprises a suite of frameworks and tools to help manufacturers – regardless of size and industry – start, scale, and sustain their manufacturing transformation journeys.

It has since been adopted internationally by Small, Medium Enterprises (SMEs) and large multinational corporations (MNCs). Today, over 350 Singapore-based companies from more than 15 different countries have completed the Official SIRI Assessments.

Check out these articles:

Three Key Ingredients For The Successful Digital Transformation Of Manufacturing

Regaining Strength Post-COVID19: Interoperability Is Key To Asia’s Industrial Future

Industrial Plant Sustainability And Profitability In The New Digital Economy

Hyundai To Manufacture EVs In Singapore From 2022

4 Tips On Building Manufacturing Agility For SMEs







Honeywell Partners Vertiv For Improved Data Centre Sustainability
Singapore Accelerates Digital Transformation With Germany Ties