Connect with us

Market Trends

Industry pessimism could delay digital transformation and restrict growth across the manufacturing sector

Published

on

 

Latest CBI Survey reveals spending on plant & machinery, training and innovation all expected to be lower in the year ahead

A decline in business optimism caused by economic uncertainty and Brexit confusion is holding back manufacturers from investing in vital technology improvements, and this could seriously impact future growth across the sector. This is according to Jason Chester, Director of Global Channel Programs at InfinityQS, the global authority on data-driven manufacturing quality, who states it is imperative manufacturers understand the importance of investing in digital transformation across the shop floor.

CBI’s most recent Quarterly Industrial Trends Survey, suggests that despite a significant increase in the IHS Markit PMI (rising to a six-month high of 54.2 in December), business optimism in the quarter to January has fallen sharply, with export prospects dropping at the fastest rate since the financial crisis. However, this is mainly due to manufacturers stockpiling materials to prevent potential supply chain disruptions caused by Brexit.

With spending on buildings, plant & machinery, training and innovation all expected to be lower in the year ahead, Tom Crotty, Group Director of INEOS and Chair of CBI Manufacturing Council suggests: “Uncertainty has sadly become the norm, and this is holding back growth and investment in the manufacturing sector…it is vital the Government finds a positive solution to the current Brexit deadlock so firms can continue to compete both at home and abroad.”

In response, Jason offered some advice for manufacturers who may be feeling pessimistic about the future:

“While manufacturing business leaders are curtailing investment as a result of political confusion and economic uncertainty, this is perhaps the worst thing they can do right now. Digital transformation delivers significant operational improvements which can provide valuable insulation against future risks by creating an operating environment that is lean, efficient and agile. Manufacturers that invest in the right technologies, can ensure that a competitive edge is maintained, and this will be essential to thrive in a challenging and uncertain economic climate. It also allows them to replace manual processes with a more automated approach, further reducing risks of low-cost labour and talent shortages.

He continued: “Increased agility and flexibility within the production environment will greatly help manufacturers to mitigate future market risks by creating the foundations to respond to events that cannot be foreseen during times of uncertainty.

“Manufacturers and business leaders need to devise an investment strategy that will safeguard their business through this turbulent period. Investment in digital transformation initiatives should not be put on hold but prioritised and accelerated to build an infrastructure that can sustain and navigate future instability. While market and economic conditions are outside a manufacturers control, investing to mitigate potential risks is absolutely under their direct control.”

 

ENDS

About InfinityQS International, Inc.

InfinityQS® International, Inc. is the global authority on data-driven manufacturing quality. The company’s Quality Intelligence solutions—Enact™ and ProFicient™—deliver unparalleled visibility and strategic insight across the enterprise, from the shop floor to the boardroom, enabling manufacturers to re-imagine quality and transform it from a problem into a competitive advantage. Powered by centralized statistical process control (SPC) analytics, InfinityQS solutions provide operational insight to enable global manufacturers to improve product quality; decrease costs and risk; maintain or improve compliance; and make strategic, data-driven business decisions. Headquartered near Washington, D.C., with offices in Seattle, London, and Beijing, InfinityQS was founded in 1989 and now services more than 2,500 clients—from the smallest to the world’s leading manufacturers—including Ball Corporation, Boston Scientific, Graham Packaging, and Medtronic. For more information, visit www.infinityqs.com.

Press contacts

Nick Bird/ Christian Stevens,

Spreckley

Tel: 0044 (0)207 388 9988

Email: infinityqs@spreckley.co.uk

Business

How does technology impact on E-Commerce Industry?

Published

on

 

Since the last 20 years, the e-commerce industry is growing significantly. It is due to the higher consumer interest, participation, and increased demand. In this time the B2C e-commerce was gaining the speed with B2B e-commerce and this trend is continuing all over the world and it will be seen in coming years. The technology is the main fuel behind the evolution and existence of B2B and B2C E-commerce industry. As the technology changing the transactions between the business and consumer, the consumer is accessing various tools to estimate prices, find alternatives, stores and obtain coupons.

The Rise of E-commerce Sites

The increase in e-commerce websites helped people a lot. Without going anywhere, they like to buy online and they are also benefitted by getting various offers and discounts. Besides these, people love to purchase by taking the consent of friends, spouse, and other family members. Additionally, it is more convenient and people can gift any product to their friends and loved ones through these websites.

Costumers get Better Shopping Experience

E-commerce industry has changed the process of business and cash transactions. Now it has introduced a lot of new, modern and useful factors by which customers enjoy easy and hassle-free shopping. Anybody can purchase at the top of a button and receives the product at the doorstep. Thus the customers depend more on the e-commerce market place.

Faultless Payment Process

The most popular thing about E-commerce industry is its mode of payments.  Most of the cases, the payment is done digitally here. By knowing the convenience and other advantages of digital payment, people gradually adopting this process. E-wallets and gift cards are increasing the business. The technological advancements have gained the faith of people and they like to expend more on e-commerce websites because of its transparency and the safety of money.

Give Personalized Information in B2B Sector

As companies changing to B2B e-commerce, increasing real-time procurement data will be gathered. The B2B e-commerce competitors access this data to better understand the actions of the customer and provide services according to the data.

Artificial Intelligence Improves the E-commerce Industry

Artificial Intelligence will find a huge transformation in B2B e-commerce. It is different from B2C e-commerce as there are large numbers of users and use-cases. But B2B e-commerce will have fewer numbers of users; those do large ticket transactions under restricted use cases. In these cases, B2B e-commerce will apply AI and adopt it eagerly as it is very uncomplicated and powerful. Businesses get efficient by doing effective decision making at purchases, computerization of several routine tasks, offer important insights, release several man-hours behind procurement and doing business purchases clear and low cost.

Decision Making During the Procurement Process

Usually, the procurement managers or executives those work for corporate find difficulties in making choices during the procurement process since it will impose pressure on development and the business of the company on many levels. Technological advancements will also help the procurement teams of businesses to better comprehend the requirements of the business and provide them fair insights to do more up to date complicated decisions.

Additionally, Business to Business E-commerce companies will make personalized dashboards for their customers and this will let them know about essential data-points and buying suggestions. In the coming days, the personalization will be advanced by combining APIs with the buyers’ active ERP/CRM platforms to make the purchases more controlled and seamless.

Thus today technology’s role in e-commerce is unavoidable and faultless. The success of E-commerce is based on it right from its beginning to each and every progress happening every time in the industry.

Continue Reading

Market Trends

Retail sector expected to adjoin 39m sq ft space in four years, 71% in big cities

Published

on

The organised retail sector of India is likely to adjoin nearly 39 million sq ft of space in four years to the end of 2022, out of which 71% will be in metros and tier-I cities, as per Anarock Property Consultants.

According to Anuj Kejriwal, managing director of Anarock Retail, a retail advisory service, Ahmedabad, Bhubaneswar, Ranchi, Kochi, Lucknow, Surat and Amritsar are among the metros and tier-I cities where the subsequent chapter of development is probably to open up.

“The arrival of foreign brands forces domestic brands to up their game as well. This is what is happening in Indian retail, and what ‘getting organised’ is all about,” said Kejriwal. “Global retailers are now also eyeing cities like Chandigarh, Lucknow and Jaipur, to name a few.”

Kejriwal in an earlier interaction had said, the country’s retail market is anticipated to grow to nearly $1.1 trillion by 2020, up from about $672 billion in 2017, with organised retail growing at a CAGR of 20-25%. The market size of tier-II and tier-III cities is expected to grow to $80 billion by 2026, up from $5.7 billion at present.

The organised retail segment is proposed to grow to 19% of the whole retail market by 2020, up from 4% 10 years back, improved by rapid urbanisation, digitisation, rising replaceable incomes and lifestyle changes.

More than the past two decades, the Indian retail market has transformed from conventional shops to large multi-arrangement stores in malls providing a global experience and on to the extremely tech-driven e-commerce model.

Organised retailing means any trading action performed by authorized retailers from current retail formats, for example, hypermarkets, supermarkets and departmental stores. Organised retail arrangements can exist either as separate shops or possess a space in a mall.

Between 2015 and 2018, this sector has attracted collective investments of more than 5,500 crores, out of which around 1,300 crores were in 2018, according to a report by Anarock. It made 2018 as one of the best years for the Indian retail sector.

Kejriwal said, “The increasing involvement of foreign and private players in India’s retail infrastructure indicates long-term growth potential for organised retail in the country.”

The reduction of restrictive foreign direct investment (FDI) policies, and the decision to let 51% FDI in multi-brand retail and 100% FDI in single-brand retail under the automatic way was followed by the entry of retail giants like Walmart and IKEA.

“There is huge demand of retail space from across segments and we are very bullish on retail. Prestige has six malls under construction, with most of it coming up in south India,” said Venkat K Narayan, chief executive of Prestige Group, one of the biggest mall operators in the country.

In spite of the positive numbers, the organised retail in India is nowhere near to the level in more developed countries. For example, in the US, 85% of the whole retail market is organised, whereas in the UK it is 80%.

Continue Reading

Market Trends

Post-Budget Review by Suman Reddy Eadunuri, MD, Pegasystems India

Published

on

“The government has given fair impetus to the technology sector, and indicates its commitment to use technology as a platform to build a Digital India that reaches every citizen, by transforming 1 lakh villages into Digital Villages.

Focusing on AI in two consecutive budgets, the announcement of a national centre for AI supported by Centres of Excellence in 9 priority areas conveys how important this key technology is for the government, as the country aims to become a $5 trillion economy in the next 5 years. This furthers the announcements in AI investments and institutions made in 2018 which expands the scope of research and collaboration. However, the industry is looking to understand how these institutions are creating a favourable environment to foster entrepreneurship or AI research, and how the investment is creating on-ground impact, helping enterprises and deep-tech startups to create market value. The national AI portal is a good move to facilitate the vision of Minimum Government, Maximum Governance as part of Vision 2030, being a catalyst for emerging technologies, and a platform to unite the efforts of a massive institution like the central government.

The emphasis on increasing tax-paying base, and reducing tax burden on middle class, in addition to GST show the government’s overall commitment to plug leakages and improve tax collection processes. The reform of the tax environment shows rapid strides towards efficiency and transparency. Given the interim nature of this budget, expectations around corporate tax, Place of Effective Management and skilling involvement in the IT sector have been missed.  We are hoping the full-fledged Budget in July will address key expectations and boost the output of the industry.”

 

About Pegasystems 

Pegasystems Inc. is the leader in software for customer engagement and operational excellence. Pega’s adaptive, cloud-architected software – built on its unified Pega Platform™ – empowers people to rapidly deploy, and easily extend and change applications to meet strategic business needs. Over its 35-year history, Pega has delivered award-winning capabilities in CRM and Digital Process Automation (DPA), powered by advanced artificial intelligence and robotic automation, to help the world’s leading brands achieve breakthrough business results. For more information on Pegasystems (NASDAQ: PEGA) visit www.pega.com.

 

About Suman Reddy:

Suman Reddy, the Managing Director and Country Head at Pegasystems India, has been the reason behind the team which develops world-class solutions for the global CRM behemoth that helps Fortune 500 companies grow closer to their customers. He has led Pegasystems India on an explosive growth path over the past 10 years. He built the centre from the ground-up, with 4 team members, to 1500+ employees today, across Hyderabad and Bangalore. His team comprises of software developers, almost 80% of the company’s global R&D strength, and more than a third of the company’s global workforce (4500+). Suman has been pivotal in growing the company’s revenues from 100 million USD to around 880 million USD revenue over the past 10 years.

Suman has been pivotal in growing the company’s revenues from 100 million USD to around 750 million USD revenue over the past 10 years.

Known for his strong business acumen and leadership style, Suman has spoken at some of India’s biggest tech events, like NASSCOM’s Big Data and Analytics Summit 2016. He is a member representative for Pega at NASSCOM, CII, YPO, HYSEA and TiE, and is invited to comment as a technology thought leader by the government and media, on key issues affecting the industry and economy.

Social Profiles:

LinkedInTwitter

Continue Reading

Trending