The second step, in my view, for consumer durable brands is the constant need to innovate, make the maximum use of new-age technologies, devise anticipatory measures than reactive strategies to keep a check on supply chain volatilities such as raw material costing, risk of overstocking, rising price for raw materials, chip shortage, or energy and logistics. At the same time, manufacturers must make the maximum use of conducive government policies such as PLI, M-SIPS etc., to boost their business and thereby, our economy.
I see a similar phenomenon at the enterprise front too. Businesses are opting for connected, automated, clean/green energy, energy efficient, safer solutions that help them enhance their overall equipment effectiveness (OEE). This will only accelerate in the coming years. Smart commercial spaces equipped with sustainable technologies such as connected, automated appliances, solar rooftops, digital panels etc., will be the next frontier of growth. Similarly, on the manufacturing front, factories will continue to digitise their operations to stay relevant in coming times. Therefore, smart factory solutions that helps bring shop-floor to manufacturer’s palm will be the defining trend in the years to come.
To conclude, we as responsible leaders of the industry have a key role to play. Together we must join handswith the Governmentto help position India on the global manufacturing map.
