Cloud Focused Technology modernization to create an atmanirbhar “Make in India” Manufacturing industry
“Make in India” is a great initiative by our Prime Minister and the government to drive growth in Manufacturing and make India atmanirbhar (self-reliant). Through “Make in India”, the government intends to increase the growth rate in manufacturing to 12%-14% and create more than 100 million new jobs in manufacturing. The focus is also on ensuring that the sector can contribute 25% to the GDP within the next two years.
Can this happen without Technology disruption and innovation?
The “Make in India” idea is great. However, to realize this vision, the manufacturing industry would need to speed up production, go to market faster with new products and innovation, and drive efficiencies in cost while optimizing quality. This can happen only if they embrace the latest technology and place it at the core of their business transformation.
Digital Transformation – How would it play out and boost the Manufacturing sector?
Manufacturing is a process-intensive sector. A keen focus on processes and accelerated learning is important to improve the learning curve and enhance output.
How can a manufacturing company achieve it? Well, the following steps could help immensely:
- Convert technology investments from CAPEX into an OPEX led model:
Sounds good. What does it mean, one might ask? Manufacturing firms are known to invest in technology by owning the technology assets. This could include heavy machinery and the technology to drive and manage it.
With the emergence of the cloud, the manufacturing industry can seamlessly move its on-premises technology investments to the cloud and get an OEM such as Oracle to take care of the technology aspects. The time spent by the manufacturing companies’ IT teams in terms of upgrades, maintenance, support, and migration to newer versions, as well as the security of the systems, can all be taken care of by OEMs such as Oracle.
How does this help? The core IT team of the manufacturing company can spend more time on enhancing processes and accelerating innovation. This can not only enable them to work on projects that add direct value to the top line, but also enhance their expertise and stay ahead of the curve and their industry peers.
- Data-driven innovation is the key:
Once a manufacturing company migrates its core systems such as ERP or Supply Chain Management (SCM) systems to the cloud, it can leverage myriad other benefits. For example, if the manufacturing company decides to migrate to a complete cloud provider such as Oracle, the core system can benefit from integrations such as Oracle Analytics Cloud, Oracle Integration Cloud, etc.
This will enable the business users of the manufacturing company to not only get a comprehensive view of data across their disparate systems but also view the data in neat reports and dashboards to accelerate strategic and tactical decision making.
The manufacturing company’s business users would be empowered with data to make meaningful forecasts about production, business process efficiency, etc., and implement steps that can enhance the effectiveness across the supply chain.
This can lead to a faster “go-to-market” and enhance the overall customer experience.
- Implement new-age technologies such as IoT:
With a strong OPEX based and Cloud led model, manufacturing companies can not only leverage the power of technologies such as IoT but can also collate valuable data from it. This data would provide rich insights into the maintenance cycle for machines, causes of error in processes, avenues for enhancement, etc. The integration with IoT and the benefits of investing in new-age technologies can be completely realized if such companies undergo a technology modernization exercise and leverage the power of the cloud to the best of their abilities.
- Revamped Customer experience:
With Cloud at the center, manufacturing organizations can leverage the power of digital to reach customers consistently across Omni-channels. This would enable them to reduce long-duration sales cycles and ensure a faster sale. What’s more, with customers being constantly engaged in a digital-led world, the manufacturing companies can constantly make them aware of new-innovation, developments, etc., and enhance the potential of cross-selling and upsell.
A cloud led technology modernization exercise can enable manufacturing companies to be self-sufficient and self-reliant or atmanirbhar.
The manufacturing sector contributes well to our economy in terms of growth as well as jobs. With cloud and digital-led efficiencies, they can compete with the best in the world and make India a hub for global manufacturing. It’s about time for our manufacturing companies and our robust IT services companies to join hands and leverage the power of new-age technology to make India – a global leader in manufacturing.