Prasad Palsokar, MD and CEO of Siemens Industrial Limited, Bangladesh, talks about Industry 4.0, end-to-end integration of automation systems, and the power of data with Industry Insider.
Industry Insider: Share your thoughts about digital transformation and how it connects to the Industrial Revolution 4.0.
Prasad Palsokar: Digital transformation is a fundamental shift in how organizations leverage digital technologies to streamline processes, improve efficiency, enhance customer experiences, and stay competitive in the modern business landscape. It encompasses a wide range of technologies and strategies, such as cloud computing, big data analytics, Internet of Things (IoT), artificial intelligence (AI), machine learning, and more.
At Siemens, we enable digital transformation through our specialized technology focused on industry, infrastructure, transport, and healthcare – helping businesses across sizes and sectors maximize flexibility, achieve scalability and sustainability, and strengthen resilience.
The connection between digital transformation and Industry 4.0 is significant. Industry 4.0 represents a new phase in industry evolution, characterized by integrating digital technologies into various aspects of manufacturing and production. These include data-driven decision-making, automation and smart manufacturing, connectivity, supply chain optimization, cybersecurity, and data privacy, to name a few. Siemens’ solutions for the Digital Enterprise enable our customers to invest in future-proof solutions for the gradual implementation of Industry 4.0
II: How do you think the global scenario will evolve with new technologies related to industrial digital transformation and autonomy?
PP: In a rapidly evolving industrial landscape, we face the constant challenges of optimizing our use of finite resources. To address this, the Industrial Internet of Things (IIoT) plays a pivotal role by generating a vast reservoir of data that can be harnessed for sustainable gains. The Digital Enterprise seamlessly bridges the physical and digital realms, enabling us to harness this immense data pool to utilize our limited resources efficiently. This synergy between the real and digital worlds empowers us to drive sustainability within the industry, achieving more with less and ensuring responsible resource management.
II: How does end-to-end integration of automation systems accelerate digital transformation for industries globally and in Bangladesh?
PP: Industrial companies must be more efficient and flexible to thrive in and sustain today’s fierce competition. Highly digitalized companies can quickly cope with sudden changes in the market. The end-to-end integration of automation brings together processes that were previously separate. It breaks down traditional silos and helps bridge the gaps between software and hardware, IT and OT, shop floor and top floor, and end-to-end integration of systems. Integrated cutting-edge technologies in the Digital Enterprise portfolio enable smart usage of data. This paves the way for the next level of the digital transformation of the industry with the convergence of information technology and operational technology.
II: Do you think AI and big data analysis will positively impact this sector going forward?
PP: AI and Big Data analysis are expected to significantly impact various sectors, including the industrial and manufacturing sectors. AI and big data will contribute to growth and sustainability by optimizing efficiency and productivity, AI-powered quality control, supply chain optimization through big data analysis, efficient use of energy, customization, increased safety, sustainability, and cost reduction. As technology advances, companies embracing these tools will likely gain a competitive edge in an increasingly digital and data-driven world.
II: How do you see Bangladesh’s Industrial growth and opportunities?
PP: Bangladesh is seen as one of the fastest-growing developing economies with the potential to become one of the major manufacturing hubs. Despite various odds like the global pandemic or wars in Ukraine, Bangladesh’s economy has shown some degree of resilience, which backs all the predictions that it will be a regional economic power in future years. Necessary infrastructure like special economic zones, new port or road/rail connectivity across the country, and related ecosystems will strengthen and diversify the country’s industrial base, which will, in turn, offer massive opportunities for technology partners like Siemens. As the pendulum shifts toward high-tech industrial growth in the country, we will have a more diversified and, thus, sustainable economy.
II: What is Siemens Xcelerator?
PP: Siemens Xcelerator is an open and evolving digital business ecosystem that comprises a comprehensive, curated portfolio that includes digital and Internet of Things (IoT)-)-enabled offerings (software, hardware, and digital services) from Siemens and certified third parties.
Siemens Xcelerator aims to accelerate digital transformation and value creation for customers of all sizes in industry, buildings, grids, and mobility. The curated portfolio of software, IoT-enabled hardware, and digital services follows key design principles of interoperability, flexibility, openness, and as-a-service. Siemens Xcelerator also includes an evolving marketplace to facilitate customer, partner, and developer interactions and transactions.
