The first 20 years of the new millennium has seen humankind adapting to the changing landscape. Computing devices and mobile phones have led to a dramatic shift in the way we lead our lives as consumers. However, as manufacturers, there is great amount of stickiness among us in favor of the traditional style of working. These are interesting times as we stand at the threshold of cutting-edge technology, welcoming them as consumers yet blocking them as manufacturers. In the marketing language, “here you have a high-potential ready market with huge demand, but few suppliers.”
In a world where customer satisfaction is one of the higher objectives of businesses, very few manufacturers are using the new-age tools that can help them in accomplishing their business objectives. Advanced technologies like Internet of Things (IoT), data analytics, machine learning and artificial intelligence have the potential to transform the manufacturing sector. Bringing these technologies in traditional industry will help manufacturers shift towards Smart Manufacturing and witness benefits in the form of greater efficiency and increased productivity, yet we witness limited adoption.
So, where does the challenge lie? For some, it lies in them not warming up to the idea. For many others, they do not know where to go to, i.e. there is immense lack of awareness among the manufacturing companies about the right people for the right answers (read solutions). This is one part of the world.
In another part of this small world we have new-age deep-tech start-ups. These young companies, having found their existence “on significant scientific advances or engineering innovations,” are working towards innovative applications of technology, that could become ready-made solutions for the businesses. These young guns, with the potential to be the tech czars of tomorrow, are waiting for the right kind of opportunity (read challenge).
At NASSCOM CoE, we bring these two worlds together, creating a milieu of cultural exchanges (read thought exchanges), resulting into real-time solutions for the manufacturing industry, and recognition for the young guns. NASSCOM CoE has taken-up the mission of guiding and nurturing these start-ups, and is turning them into serious stakeholders in this ‘Smart Manufacturing’ business. Manufacturing Innovation Challenge is one such event designed specifically to bring together manufacturing companies and these start-ups on a common platform. The event results into a strong connect between mature deep-tech startups – with potential to solve the real time challenge, faced by manufacturing companies. The event provides a platform for manufacturing firms to work closely with the start-ups and find solutions to the challenge.