Fong's Engineering and Manufacturing, a maker of high-end medical devices, aims to launch a full-fledged smart factory in the next three to five years, a move expected to boost its revenue by 20 per cent year on year.
The facility will feature an integrated manufacturing shop floor powered by advanced robotics and autonomous robots, with Industrial Internet of Things capabilities for collecting data.
This will allow Fong's to run its production round the clock with minimal human intervention. Such a capability is possessed by only a few small and medium-sized enterprises (SMEs) in Singapore, it said.
The transformation of the firm's production lines will be done in stages, said Fong's at the launch of its smart factory journey yesterday.
One production line has already been transformed.
The revamp is also expected to raise Fong's productivity by at least 30 per cent.
Senior Minister of State for Trade and Industry Koh Poh Koon, who was guest of honour at the event, commended the company's "bold move" to harness the potential of Industry 4.0.
"The manufacturing sector has been facing strong headwinds lately due to the weakening global economic environment, coupled with some tightening of our domestic constraints," said Dr Koh, adding that this is not the time to slow down.
Percentage of Singapore's gross domestic product that the manufacturing sector accounted for last year. It also accounted for about 13 per cent of the workforce.
"We must press on with our transformation efforts in order to weather the storm and, more importantly, seize new opportunities when the dark clouds clear."
Last year, the manufacturing sector accounted for more than 20 per cent of Singapore's gross domestic product and about 13 per cent of the workforce.
A Boston Consulting Group study has estimated that the adoption of Industry 4.0 in Singapore could improve labour productivity by about 30 per cent, create 22,000 new jobs with better wages, and grow total manufacturing output by $36 billion by 2024.