Collaboration key for Industry 4.0 to take off: Tharman

TO harness the full potential of Industry 4.0, there is a need to look beyond traditional geographical and industry boundaries, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.

"There is a huge value to be created by collaborating with each other - between nations, between different industries, and between the public and private sectors," he added.

He was speaking at the inaugural Industrial Transformation Asia-Pacific (ITAP) - a Hannover Messe event, the region's largest advanced manufacturing trade show taking place at the Singapore Expo from Oct 16-18.

In his opening address, Mr Tharman highlighted three main areas of collaboration to accelerate Industry 4.0 transformation in the region.

The first step is through a common framework. Initiatives include the newly developed Singapore Smart Industry Readiness Index, which is essentially a diagnostic tool to help companies evaluate their readiness for Industry 4.0.

Another is the Index Partners Network, which brings together financial institutions, technology and training providers as well as international organisations to support manufacturers to transform.

These are particularly useful for SMEs (small and medium-sized enterprises), he noted.

The second priority is to build a robust community. Through ITAP, organisations around the world will have a "regular platform to explore opportunities with each other and exchange best practices", said Mr Tharman.

Finally, and most importantly, workers must be helped to benefit from the transformation brought about by Industry 4.0, he added.