What lies ahead of pandemic curbs for Indian Manufacturing Industry
What Industries can do to survive in the post Pandemic world
There is no doubt that the overall market scenario has taken a hit ever since COVID-19. The governments and medical research organizations are in a race to develop the cure for the virus. But in hindside, there is a serious need by the companies and businesses for some kind of vaccine for them to survive for the post-pandemic time. The boosters that our government is giving are all visible to us, but what the mystery fills us all with are the steps that one needs to take at the organizational level to boost his company performance.
The corporate world is a heterogeneous mix of business models and services that have their own set of problems and way outs. What I’ve collected below is a list of generalized solutions that one may apply to their business with suitable modifications to be in pace with the world.
First is the technological advancements of tangible assets like machinery. What we have seen in the past several decades is that small businesses have resorted to sticking with the old ways of manufacturing and product building methodologies. The archaic ways have resulted in losing the market to a more advanced counterpart and thus losing relevance too. This can be seen in the sports industry where the top two contenders were India and Pakistan. But they are losing to the countries with more advanced manufacturing techniques like Vietnam and China. A proof of which is the decline in purchase orders of footballs during the recent FIFA world cup 2018.
Artificial Intelligence and Machine Learning are the buzz word and no one is untouched from it. But what are the more direct ways in which a company can implement it? The simple answer is the analysis of key metrics. Traditionally there was no way with which a business could analyze and interpret the future trends, but there is one now. So, adapting to this technology will help you in the long run.
There are many more ways one can reset his company, but the above-mentioned ways are the fundamentals of the change. Do write in the comment on what you think business must adopt to grow in times ahead.
Dhairya Jain is a Research Analyst at 73 Strings . 73 Strings is a new age data driven, AI infused Financial Advisory Service revolutionizing the way people interact with capital markets.
