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THE Boston Consulting Group (BCG) on Monday launched its first Innovation Centre for Operations (ICO) in Asia and its Industry 4.0 Accelerator Program, developed in partnership with the Singapore Economic Development Board.
Under the ICO, the management consulting firm will collaborate with a local partner to set up a model factory in Singapore, which will provide deep immersion, experimentation and training on Industry 4.0 topics.
Set to be launched in the second half of 2017, the model factory will be a key hub for companies in the Asia- Pacific region to understand and harness these new capabilities.
BCG has five other such centres in Europe and the United States.
Other initiatives under the programmes include mobile laboratories to provide an immersive learning experience, proprietary tools and data capabilities to create new insights, database of more than 250 use cases linked to concrete value creation across industries and functions, learning curriculum to upskill management and workers, and open platform technology partnerships.
Rich Lesser, president and chief executive officer of BCG, said: "The choice of Singapore for BCG's first ICO in Asia reflects our commitment to help Singapore stay at the forefront of advanced manufacturing, retain its position as a key manufacturing hub, and upskill its workforce for the future.
"Our Industry 4.0 Accelerator Program is developed through our close partnership with the EDB and is the first of its kind for BCG anywhere in the world."
A detailed study by BCG showed that Industry 4.0 could be a game-changer for Singapore.
The study showed that with rapid adoption, Singapore could boost labour productivity by about 30 per cent, create 22,000 new jobs with average salaries up to 50 per cent higher compared to current jobs, and add S$36 billion in total manufacturing output and revenue for companies, including multinational companies and local firms, by 2024.
Yeoh Keat Chuan, managing director of EDB, said: "Our vision is for Singapore to be the global hub for advanced manufacturing, where companies can develop, test-bed and adopt innovative technologies to improve revenues, quality of production and reduce costs.
"BCG's investment will help to complement Singapore's advanced manufacturing ecosystem by developing deeper industry expertise, technological capabilities and relevant advanced manufacturing solutions, which can be scaled to the rest of the region and the world."