The Indian Industrial Machinery and Equipment (IM&E) industry makes a significant contribution to the economy, but there’s a growing realization that the post Corona Virus (COVID-19) world will not be the same as it was. Let’s discuss 6 key points post Corona Virus (COVID-19) for IM&E.
My guess is that organizations will start to look at digital strategies a lot more seriously after the pandemic. Companies that don’t understand that things will need to change may not survive.
A report on the India’s mechanical-equipment industry concluded that some key growth opportunities will come from automation in manufacturing and the adoption of ‘4IR’ (Fourth Industrial Revolution) strategies.
The experience of many industries during the country’s lock down shows how important it is to be able to run operations no matter where your staff are, and for uninterrupted communications with customers and suppliers. The IM&E industry will need to start deciding to digitalize the business.
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The Key question is how to start looking ahead and forget the past? Rahul Singh from Aliter Business Solutions shared his views.
6 Key Points post Corona Virus (COVID-19) for IM&E Manufacturing
They can start by looking at smart manufacturing. Smart manufacturing involves making information about manufacturing processes available when and where it is needed, in the form it is needed, to empower smart decisions about business operations. For this note Lets focus on opportunities for IM&E.
#1 Design and Engineering
You need to have a system and process to control product design. The management of change orders can be a significant issue, so you need to be able to coordinate engineering changes with both internal departments, such as production, as well as with third parties.
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A collaborative platform should enable customers to be involved in the design process and give suppliers access so they can see what they need to change. A mobile application will further enable the process.
#2 Planning and Scheduling
Post COVID-19, IM&E businesses will need to have flexible and agile planning and scheduling capability. It will require using near real-time demand and supply data to create realistic production, purchasing and supply transfer schedules.
You will also need to have a 360° view of your production so you can monitor labor and machine efficiency, identify capacity constraints and quickly and accurately schedule jobs to maximize order fulfillment and resource utilization whilst maintaining profitability.
An opportunity exists to understand from automotive sector and their usage of modern platforms, traditional EDI to collaborate and get visibility into the supply chain.
#3 Managing Inventory and Reduce Cost
COVID-19 has brought chaos to the supply chain and the key is to manage inventory in the midst. To help maintain the right inventory levels, manufacturers should be using real-time tracking throughout the whole supply chain and production process.
Using serial and lot tracking, it’s possible to see the location and quantity of goods; and by cooperating with suppliers you can see where sub-contracted items are in the chain before they even arrive at your factory.
Here, IME&I sector can learn from the automotive sector. A complete traceability is need of the day.
#4 Manage Product and Part Traceability
To meet compliance requirements, the ability to trace materials and parts from their origin through manufacturing to destination is becoming a critical component of many businesses.
Having the means to track lots and serial numbers provides visibility through the supply, production, and delivery chain, which allows you to trace and analyze the source of defects should they occur.
#5 Support the Industrial Internet of Things (IoT)
The Industrial Internet of Things (IIoT) refers to interconnected sensors, instruments, and other devices in the factory, networked together via a secure environment. Collecting and aggregating this information provides data for analysis to deliver improved productivity in areas such as overall equipment effectiveness, real-time information on equipment and job status, job costing accuracy, as well as better operational visibility for decision-making.
#6 Review your Processes to Automate
How many businesses have realized that their back-office processes are not geared towards remote working? Now with the benefit of experience, you can see what processes need to be reviewed.
After the COVID-19 phase is over, you should see what you need to change in your existing ERP and other Enterprise Software & Systems to accommodate remote operations.
All in All, Business and people who would remember Identifying “Old ways” to run business and use “Modern Technology Tools” to benefit are the ones who would survive.
So, let us know what you want to add here or what actions you would like to recommend?