Smart manufacturing is a game changer
Speaking at the closing panel of the recently concluded Smart Manufacturing Asia conference in Singapore, Boston Consulting Group (BCG) director Nigel Stacey noted that smart manufacturing could be a key driver for Singapore's growth going forward.
"[BCG] did a study on [smart manufacturing] in Singapore and we believe that it could be a real game changer for Singapore," he said. "Labour productivity could increase by 30 percent and we think that it could lead to a net increase of 22,000 jobs over the next 10 years. Average salaries could increase by 50 percent."
The impact of these gains on the economy, Stacey quoted, is estimated at about S$36 billion in terms of increased manufacturing output and additional company revenues.
Singapore's manufacturing output rose 10.2 percent in March 2017 from a year ago, following a 12.6 percent increase in February. A report by the Committee on the Future Economy suggests that smart manufacturing could help the manufacturing sector in Singapore maintain its share of about 20 percent of the country's economy in the future.