Monday, 15 July 2024, Singapore – The International Centre for Industrial Transformation (INCIT) presented at the recent event for the “Investing in Digital Economy of Azerbaijan” (IDEA) project held in Baku on 12 June 2024.
The INCIT session entitled “Empower Your Enterprise: Leveraging the Smart Industry Readiness Index for Data-Driven Smart Manufacturing Strategies” was aimed to offer manufacturing strategies tailored to the region by introducing the audience to best practices and innovative tools, such as Smart Industry Readiness Index (SIRI).
During INCIT’s session, composed mainly of small and medium-sized manufacturing enterprises, attendees were introduced to the SIRI framework and its key benefits for driving Industry 4.0 transformation. The presentation also highlighted the importance of assessing manufacturing companies’ current smart manufacturing capabilities and provided guidance on developing a roadmap for smart industry adoption. Best practices and case studies of companies were also shared to spotlight the importance of tools, such as SIRI and how they can enhance manufacturing operations. INCIT also advocated for the importance of fostering a community of learning and collaboration among manufacturing companies embarking on their smart factory journey.
The second phase of IDEA
The event was the second phase of the project and was initiated by the Centre for Analysis and Coordination of the Fourth Industrial Revolution (C4IR Azerbaijan) and the World Economic Forum (WEF). The event was organised by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), which worked to ensure the workshop not only supported manufacturing companies but introduced and encouraged them to invest in the digital economy and Industry 4.0 transformation of Azerbaijan.
What’s next for Azerbaijan?
Prior to this event, Azerbaijan was announced as the host nation of the climate summit Conference of the Parties (COP29) in November 2024. The country has also begun ramping up its digital transformation journey and increasing its share of renewables across its energy sector to almost a third.
The IDEA project, a collaboration between the WEF, the C4IR Azerbaijan and the Azerbaijan Export and Investment Promotion Agency, will support the country with its Industry 4.0 transformation and has a two-part aim:
- Support Azerbaijan in expanding direct foreign investment in the digital economy; and
- Understand which technology tools, such as SIRI, can be leveraged to appeal to and promote investment.
INCIT looks forward to any further collaboration with the IDEA project, Azerbaijan, WEF and other partners to help facilitate more support and ensure the country progresses with its own Industrial 4.0 transformation.
About INCIT
The International Centre for Industrial Transformation (INCIT) is an independent, non-government-affiliated institute founded with the vision to spearhead global manufacturing transformation worldwide. INCIT collaborates with manufacturers during their Industry 4.0 journeys, driving innovation as a trusted partner with their globally referenced frameworks, tools, concepts, and programmes to enable the rise of smart and sustainable manufacturing.
About SIRI
The Smart Industry Readiness Index (SIRI) is a comprehensive tool designed to help manufacturing companies assess their current Industry 4.0 capabilities and provide a structured approach for smart industry transformation. Developed by the Singapore Economic Development Board (EDB) in partnership with global industry leaders, the SIRI covers three fundamental building blocks of Industry 4.0: Process, Technology, and Organization. The index evaluates 16 dimensions of smart manufacturing readiness, enabling companies to benchmark their progress against industry peers and develop a tailored strategy for smart factory adoption. Learn how to take your organisation to the next level of its Industry 4.0 journey.
