‘GET READY FOR INDUSTRY 4.0’
Kochi: Speaking at a session titled ‘Sustaining the Global Indian’ at the National Management Convention, K Nandakumar, President & CEO, SunTec Business Solutions, said that his company saw the possibility of Industry 4.0 when the Internet was getting popular in the early 2000s. “The opportunities for Internet providers were phenomenal back then. In the last 29 years we have been waiting to see how the world is getting ready for digital transformation,” Nandakumar said.
In the session he explained how to define products and services of the current digital age in which opportunities are supplemented by advancements in technology and a boundless market.
“Tomorrow’s world is going to be more transparent. We see the possibility of the global market opening up to people with potential and skills,” he said and added that it is going to be a golden opportunity for Indian entrepreneurs.
Nandakumar said India should be ready to emulate the models set by China in manufacturing and thereby, economic development.
“What China has done for manufacturing and how they utilise their capabilities in those sectors and procure technologies and innovate are the things we should learn and try to emulate,” Nandakumar said. Need-based product design and goal-based services should be guiding product thinking that drives the companies, he said. “Why would somebody go to a five star hotel just for a cup of coffee which he or she can get for a significantly lower cost from a roadside vendor? Well, she may be going there not just for having the coffee but for the coffee-plus experience. So it is not always the functional cost, it is the entire stack of product-plus experience and it is entirely up to the companies to decide how they define the value space,” Nandakumar said.
As a piece of advice to the young professionals of India, he said the ability to learn from the India context and extrapolate it to the international market scenario and the ability to quickly adapt to the international context are important.