Business measures by industry to counter current situation

1)   Effectively using digitization techniques

Source: Godrej Appliances

Using digitization can help solve these problems of current issues in companies

To make cost efficient factory by effective use of resources with the help of digitization, real time visibility, connected, smart and flexible manufacturing companies can further improve its production capacity in the future

I factory is a unique concept where the entire manufacturing plant is digitalized. It uses Innovative techniques such as an intelligent maintenance system (IMS) is a system that utilizes collected data from machinery in order to predict and prevent potential failures in them. Energy and utility monitoring system can help it reduce its capital cost. Use of digital supply chain technologies include Predictive analytics to optimize inventory allocation and forecast demand. This tools can help it prosper in the current scenario.

 

2)   Building a resilient supply chain

Supply chain resilience is the supply chain's ability to be prepared for unexpected risk events, responding and recovering quickly to potential disruptions to return to its original situation or grow by moving to a new, more desirable state in order to increase customer service, market share and financial performance.

Because of lockdowns and restrictions, companies must develop means to counter this using less risk suppliers to meet its demands and keeping a suitable safety stock. Also, it should use more IT technologies such as remote access networking and cloud computing to ensure its supply chain does not gets disrupted in such times.

3)   Addition of products and services to portfolio relevant to current scenario

They can use this scenario to diversify their portfolio to products which would help people in this situation. For example Godrej and Boyce has started adding products such as Godrej ViroShield in Godrej Appliances which can disinfect 99% viruses in less than 5 to 6 minutes using UV rays. Godrej aerospace has also started manufacturing solenoid valves for making ventilators. Electronic manufacturers can introduce kitchen appliances such as automatic dishwashers, cleaning machines and other home appliances in their portfolio which are in high demand which can help them increase their turnover. People are more focussed on hygiene and companies can use it to their advantage.