CEAT, HUL facilities join World Economic Forum's Global Lighthouse Network
CEAT and FMCG major Hindustan Unilever Ltd have joined the Global Lighthouse Network of the World Economic Forum for transforming manufacturing through innovation. Announcing 17 new members to the network, the WEF on Tuesday said this community of 189 industry leaders is pioneering the use of cutting-edge Fourth Industrial Revolution technologies in manufacturing.
Budget with ET
Before budget, a few positives blink on Sitharaman's dashboard
Will Sitharaman make roti, kapada, makaan affordable again?
Rail Budget may see up to 20% hike, focus on station upgrades & modern trains
Other new members are based in the United Arab Emirates, China, Germany, Malaysia, Saudi Arabia, Taiwan, United Kingdom, United States and newcomer Morocco, home to the first Lighthouse site in Africa.
The latest cohort of Lighthouses has observed an average 53 per cent boost in labour productivity and 26 per cent reduction in conversion costs attributed to various digital solutions such as AI, machine learning, advanced analytics and more, the WEF said.
On Sriperumbudur facility of CEAT Ltd, the WEF said, «To support global expansion, CEAT needed to manage three times more SKUs (stock keeping units), faster order fulfilment, coupled with new product launches at twice the speed with productivity improvement in assembly process.»
To achieve this, CEAT deployed over 30 digital solutions, including operational research models for reducing turnaround time, advanced analytics for predictive control and machine learning-based design.
Artificial
