Digital transformation is critical in gaining a competitive advantage

By OEM Update Editorial January 2, 2023 1:45 pm

A globally competitive manufacturing sector is our most significant opportunity for economic expansion and job creation over the next decade.

IMTEX 2023 for advancing the nation’s manufacturing skills
IMTEX is always a big show for South East Asia because many of the best metal-forming companies worldwide participate and attend this exhibition. It is expected that IMTEX 2023 will be a much bigger show covering all aspects of forming technologies, especially sheet metal forming. This exclusive B2B event will draw visitors from India and other countries, showing off a wide range of manufacturing and engineering products and applications that use advanced technology. The exhibition will be vital for advancing the nation’s manufacturing skills in light of India’s recent recovery from the global pandemic. Numerous technological advancements in forming machinery, additive manufacturing, digital manufacturing, shop floor automation, and the progression of Industry 4.0 can be uncovered by those interested in technology.

We look forward to meeting our customers from various industries, including power, oil and gas equipment, maritime and infrastructure, and many more.

New machinery and manufacturing technologies
IMTEX 2023 is expected to be the largest meeting of manufacturers across the globe. Aside from bringing up some of the most critical challenges facing the manufacturing industry, such as sustainability and the drive to net zero that our Prime Minister has announced to achieve by 2070, the exhibition will also showcase the greatest display of new machinery and manufacturing technology in India under one roof. IMTEX 2023 is the perfect place for the industry to come together and see the best new technology and machines in the market.

Innovations in businesses
In the past few years, businesses have faced enormous challenges and undergone many changes, which won’t slow down in 2023. Companies will have to deal with the effects of the global pandemic, economic problems, and the fact that new technologies are improving. Accelerated digital transformation, security in the supply chain, Sustainable solutions, Advanced automation with AI and ML, RPA, and 5G technologies are the innovations and trends that will have the biggest effect on how we work and do business every day in 2023.

Manufacturing outlook for 2023 in the country
Our Indian Finance Minister projected 9.2 percent economic growth while presenting the Union Budget earlier this year. However, changes in the global economy have had far-reaching effects. Since then, India’s growth forecasts have been repeatedly lowered. If bad global economic conditions lead to a slowdown in consumption in developed economies, it will negatively influence India’s exports. Despite supply constraints, workforce shortages, and an uncertain economic climate, the manufacturing sector outperforms past years’ estimates. To sustain this development, Indian manufacturers must use digital technology, implement policies for the future of work, and foster resilient supply chains. A globally competitive manufacturing sector is our greatest opportunity for economic expansion and job creation over the next decade. India has a vast potential to engage in foreign markets. The value chains are positioned to capitalize on India’s advantages in raw materials, industrial skills, and entrepreneurship. Technology has encouraged innovation because digital transformation is critical to gaining an advantage in this fiercely competitive market. The manufacturing sector in India is steadily transitioning to one that is more automated and process-driven, which is projected to increase manufacturing industry efficiency and output.

Prospects for Make-in-India to push manufacturing sector growth in India
Make in India, launched in 2014, aspires to develop the country into a top global manufacturing and investment destination. The project is an open call to potential investors and partners worldwide to join the ‘New India’ economic story. I feel ‘Make in India’ has significantly progressed in multiple sectors. These include strategic manufacturing and service sectors. The Make in India initiative has worked to ensure that the business ecosystem in the country is conducive to investors doing business in India and contributing to the country’s growth and development. This has been accomplished through a series of reforms that have resulted in increased investment inflows and economic growth.

With this initiative at the forefront, Indian businesses aim to ensure that ‘Made in India’ products are also ‘Made for the World,’ adhering to global quality standards, which will be an ample opportunity for Indian manufacturers.

IMTEX guide the process of moving from Industry 4.0 to Industry 5.0
The phrase Industry 5.0 appeared just as we were finally grasping, adapting, and becoming accustomed to industry 4.0. When did this occur? What’s the rush? Few people might think, “I’m not even finished adjusting to Industry 4.0!” Does this imply that I must restart from the beginning? “How soon?” All of these questions will be addressed at IMTEX.

I’m looking forward to attending IMTEX, where I intend to learn about the relationship between Industry 4.0 and 5.0 and its ramifications for business and society.