We’re thrilled to announce this strategic partnership with MidasDX to bring The Global Smart Industry Readiness Index (SIRI) to UK Manufacturing.
The Global Smart Industry Readiness Index (SIRI), created by the International Centre for Industrial Transformation and backed by over 40 governments, and The World Economic Forum, is a comprehensive framework developed to assist manufacturers in initiating, scaling, and sustaining their Industry 4.0 transformation journeys.
SIRI comprises a suite of frameworks and tools to help manufacturers – regardless of size or industry – start, scale and sustain their digital transformation journeys.
This renewed drive towards industry 4.0 is powered by the ongoing data revolution, where decision-makers increasingly expect key business commitments, plans and interventions to be supported through big data.
Under the Global SIRI Initiative, the World Economic Forum, in collaboration with international partners, started building the world’s largest datasets and benchmarks on the current state of manufacturing. By democratizing this knowledge, we aim to fundamentally reform the manufacturing community’s approach to industrial transformation, from one that is ad-hoc and anecdote-based to one that relies on a standardized methodology supported by data. Building on the above, these insights draw on data from around 6000 manufacturers across 40 countries.
Who are MidasDX?
MidasDX are the UK’s leading SIRI Certified Assessment Centre, having trained/certified 90% of the UK’s approved SIRI assessors. MidasDX provides services related to SIRI, specifically the SIRI assessment. Their SIRI assessment involves a structured evaluation of a company's manufacturing facility across 16 dimensions, offering insights into the organisation's Industry 4.0 maturity level.
F I G U R E 1: The Smart Industry Readiness Index framework
Source: International Centre for Industrial Transformation
SIRI is the world’s first independent digital maturity assessment for manufacturers. The initiative is an emerging tool for Industry 4.0 in manufacturing.
A key output of a SIRI assessment is a smart readiness index benchmark for each department across your manufacturing operation. These scores are compared and benchmarked against the top and bottom 10% of your sector.
Fig2: SIRI Maturity Board, Benchmark Comparison: shows an example output, where you can clearly see the areas of focus, compared with other manufacturers in your sector. All data is anonymised.
F I G U R E 2: A 3B Smart Maturity Benchmark Comparison from 2022
Source: International Centre for Industrial Transformation (Analysis by the Singapore Economic Development Board)
Best-in-Class companies are consistently more mature across all 16 SIRI dimensions
As indicated in Figure 2, the 2022 benchmarking exercise showed that, on average, the Best-in-Class manufacturing companies are one full maturity band ahead of the Broad Middle, and at least two maturity bands ahead of the Bottom Performers across all 16 SIRI dimensions. This highlights that today’s top companies are undertaking comprehensive initiatives across the three SIRI building blocks of industry transformation – Process, Technology and Organisation – rather than only tackling a few specific areas. Here, we offer some insights into how manufacturers have been approaching transformation across the three SIRI building blocks.
The SIRI Assessment is typically applied to a single factory to maintain the focus.
It takes just over two weeks to evaluate the entire manufacturing process and compares your company's performance to anonymised sector averages. This is useful to you as a manufacturer to learn where you exceed your competition but also where you fall behind so you can use this information to inform your investment decisions.
To find out more about SIRI and how it can help your company, hit the contact button below…