What is your outlook on the current business scenario and what are the changes anticipated in this year? How optimistic are you in terms of the economy bouncing back on track?
India's economy possesses strong fundamentals, and at present, what we see is a temporary go-slow situation. The present situation is the resultant of corrective measures which were taken to build a stronger economic platform for the country in the years to come. The government has already initiated booster doses to revive and sustain the turbulence in the market. Now is the time to make internal corrections at the industry level and realign ourselves for a better tomorrow. The automobile sector is one of the key consumers of machine tools, which is under a slowdown phase due to policy announcement for the sector. But looking at the brighter side, it has opened the opportunity to explore and cater in non-automobile sectors, by focusing on aerospace & defence, general engineering and die & mould segments. These sectors have a much greater demand for machine tools to cater with special application. Considering the global development of electronic vehicle (EV) market, there will be a huge investment flow in India which would open up many more opportunities for manufacturing industries.
What is your agenda / plan-of-action for the year 2020, in order to be competitive and stay relevant to customers and catch up with the growth momentum?
The year 2020 is very crucial and would be more focused on internal development through engineering integration. We are planning to refine existing products to match latest technological trends. We would also be more customer-centric by approaching them with precise application development. The year would see more synchronised innovation in engineering and the government is all set to modernise all defense factories moving out of conventional trends, which would be another big challenge to match their requirement.
How should a company effectively bridge the gap between optimising existing technologies & investing in advancements? Would you like to share examples from your organisation?
The manufacturing industries are presently in a transit phase from a conventional to technological-advanced era. The modern technologies require a platform on which they can sail smoothly. However, there is a huge gap between converting existing factories to smart factories. Industry 4.0 would take up a strong hold over the manufacturing sector and the efforts are made accordingly to bridge the two industrial generations. For example, to implement Industry 4.0, the factories must have machines equipped and compatible for hardware installation. Our company’s 7th SENSE is an Industry 4.0 tool which helps plan, produce and complete a manufacturing task. To run 7th SENSE successfully, the machine should be equipped with all necessary hardware which fills the gap between consecutive industrial generations.