Courtesy: KPMG

Innovation is becoming more and more a priority for those in the industrial manufacturing sector and India is no exception.

KPMG International's Global Manufacturing Outlook (GMO) survey for 2015, shows that globally manufacturers know that investing into breakthrough technologies is a "must do" long-term strategy with more than two-thirds of respondents confirming they are focused on long-term innovation strategies.

The reality is that a major transformation is coming to the manufacturing sector, led by the forces of technology, innovation and new innovators. As a result, we see the pace of innovation accelerating and new disruptive innovators revolutionising new product development, manufacturing processes, automation and business models.

KPMG International's Global Manufacturing Outlook (GMO) report explores the steps that manufacturers around the world are taking to prepare their organisations for the innovation and technology-driven transformation that is to come.

The insights and take-aways contained within the report will help manufacturers better understand their competitive position and prepare their organisations for long-term growth and competitive advantage. The GMO survey is based on a survey of 386 senior executives, conducted by Forbes on behalf of KPMG International, and was completed in early 2015. Respondents represented six industries: Aerospace & Defense, Automotive, Conglomerates, Medical Devices, Engineering and Industrial Products, and Metals.

A notable 75 percent of India-based (36) respondents say companies strategic focus engineering/innovation led versus 50 percent globally with a further 56 percent having breakthrough innovation as their primary strategy for pursuing innovation. An additional 58 percent have the development of new products as their top strategic priority over the next year and 83 percent say they are focused on the longer term (5 to 10 years) innovations strategies versus 69 percent globally.

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