Technology Disrupting the Indian Manufacturing Industry
In this crisis, a rapid shift in the manufacturing industry is witnessed. Technological disruption has accelerated manufacturing businesses in turn, automating operations and increasing efficiency. Before the current pandemic, manufacturers were mostly concentrating on a few strategic imperatives such as ascertaining cost saving techniques, reinforcing supply chain, enhancing operational efficiency, and augmenting customer networks.
These prerequisites are still prevalent along with employees' well being. Owing to the health crisis, the above-cited factors have become even more important. According to ‘2021 Digital Transformation Assessment’ report, more than two-thirds of manufacturers (67 per cent) have accelerated their adoption of digital technologies as a result of the pandemic. With just (16 per cent) of manufacturing organisations choosing to pause their adoption projects, it is clear that the majority of businesses now recognise the strong correlation between digital tools and increased productivity, efficiency and resilience.
Digital communication has enhanced capability of workers and motivated them and increased production. It further helped manage the mental health of the employees in the manufacturing company. In addition, the internet-enabled tools have supported the establishment of a safe business environment and have real-time access to information. Thus, managing health, as well as work, have become easier with the deployment of technology in the manufacturing process.
With the pandemic-led trends, there are certain areas wherein every manufacturing businesses are focusing. Whether your manufacturing business under INR 10 lakh or 50 lakh, you should invest in these investments:
IT and Related Tools
In this niche, manufacturers should infuse in novel digital design, manufacturing and services systems. Production processes should be automated and digitised. New business opportunity need to be created by focusing on the data services space and integrating ERP system.
Manufacturing business owners have to create a road map to digitize operations, in turn, bringing IT and operations closer.
Manufacturing businesses need to accelerate remote working processes and use collaboration tools. By doing so, major plans related to the IT field and software will be delayed. Adoption of these tools will enhance collaboration and working.
Pivot the Business
With the onset of the pandemic, a new business strategy has to be created for survival. After studying the market, a range of new products should be launched that fulfill customer demands. Focus should be drawn on improving IoT products as well as enhancing customer experience.
Increase Customer Nexus
To stay competent, it is vital for companies to adopt new technologies and increase their efficiency. By automating operations, manufacturing businesse will reduce or rule out inefficient errands from the operations. Furthermore, implementation of the latest technology will help monitor assets and business operations.
Every manufacturer whether handling manufacturing business under INR 10 lakh or INR 30 lakh should focus on these areas. Besides these factors, there can be other additional factors that entrepreneurs should focus on. If you know any, then share with us in the comment section below.
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