Environmental Scan 2017 | Page 46

Environmental Scan 2017: Human Capital Issues within the Medical Devices Sector Case Study: Singapore Smart Industry Readiness Index CREATOR ABOUT THE INDEX • Objective: To help industrial companies harness the potential of Industry 4.0 in a systematic and comprehensive way • Created by drawing reference from RAMI 4.0 framework (Reference Architectural Model for Industry 4.0) • Validated by an advisory panel of 21 academic and industry experts • To strike a balance between technical rigour and usability, the Index was piloted with both small medium enterprises (SMEs) and multinational corporations (MNCs) in Singapore. THE FRAMEWORK USING THE INDEX The Index lays out four steps for companies to consider in their Industry 4.0 transformation journeys: 1. Learn the key concepts of Industry 4.0. The Index serves a dual purpose here. It seeks to increase the level of understanding of key Industry 4.0 concepts, and establishes a common language among individuals, business units, and partners. 2. Evaluate the current state of their facilities. With a common understanding of Industry 4.0, companies can use the 16 dimensions to assess the current state of their facilities. Through each dimension, companies can 46