In a rapidly evolving business landscape, micro, small, and medium enterprises (MSMEs) in India are increasingly recognizing the importance of digital transformation. A recent survey  of Vodafone Idea’s enterprise arm reveals that 43% of MSMEs plan to increase their digitalisation budget next year. This trend underscores a growing awareness of the benefits of digital tools and technologies in driving growth, enhancing efficiency, and remaining competitive. In this blog, we explore the reasons behind this shift and what it means for the future of MSMEs in India.

The Driving Forces Behind Increased Budgets

1. Enhanced Efficiency and Productivity: Digital tools streamline operations, automate routine tasks, and improve overall efficiency. For MSMEs, this translates to reduced operational costs, faster turnaround times, and increased productivity. By investing in digital technologies, businesses can optimize their processes and focus more on strategic activities.
   
2. Improved Customer Experience: Today’s customers expect seamless, personalized experiences across all touchpoints. Digital technologies enables MSMEs to better understand customer preferences through data analytics and offer tailored solutions. Enhanced customer experience leads to higher satisfaction and loyalty, crucial for business growth.
   
3. Greater Market Reach: Digital platforms provide MSMEs with access to a broader audience. E-commerce, social media, and digital marketing tools help businesses reach potential customers beyond their geographical boundaries. This expanded market reach is essential for scaling operations and driving revenue growth.
   
4. Resilience and Adaptability: The COVID-19 pandemic highlighted the need for businesses to be agile and resilient. Digital tools allow MSMEs to quickly adapt to changing market conditions, maintain business continuity, and explore new revenue streams. Increased adoption of digital technologies prepares businesses for future uncertainties and disruptions.
   
5. Data-Driven Decision Making: Digital technologies provide businesses with valuable insights through data collection and analysis. MSMEs can leverage this data to make informed decisions, identify new opportunities, and address challenges proactively. Data-driven decision-making enhances strategic planning and business outcomes.
   

Key Areas of Investment for MSMEs

1. Cloud Computing: Cloud solutions offer flexibility, scalability, and cost-efficiency. MSMEs are increasingly adopting cloud services for data storage, collaboration, and application deployment, enabling them to operate more efficiently and reduce IT infrastructure costs.
   
2. Digital Marketing: Investment in digital marketing tools and strategies is on the rise. MSMEs are leveraging social media, search engine optimization (SEO), and pay-per-click (PPC) advertising to increase brand visibility and attract new customers.
   
3. E-commerce Platforms: E-commerce is a vital channel for MSMEs to sell products and services online. Investing in robust e-commerce platforms allows businesses to tap into the growing online consumer base and expand their market reach.
   
4. Customer Relationship Management (CRM) Systems: CRM systems help businesses manage customer interactions, track sales, and improve customer service. Therefore, by investing in CRM software, MSMEs can build stronger customer relationships and drive sales growth.
   
5. Enterprise Resource Planning (ERP) Systems: ERP systems integrate various business processes into a single unified system, providing real-time visibility and control over operations. For MSMEs, ERP solutions streamline processes such as inventory management, procurement, finance, and human resources, leading to improved efficiency and reduced costs.
   
6. Manufacturing Execution Systems (MES): MES solutions are crucial for MSMEs in the manufacturing sector. These systems monitor, control, and optimize manufacturing operations, ensuring high quality and efficiency. By investing in MES, MSMEs can improve production planning, track real-time progress, and enhance overall operational performance.
   
7. Cybersecurity: As digital technologies increases, so does the risk of cyber threats. MSMEs are prioritizing investments in cybersecurity solutions to protect their data, systems, and customer information from cyberattacks.
   

Challenges and Considerations

While the increased focus on digitalisation is promising, MSMEs must navigate several challenges to maximize their digital investments:

1. Skill Gaps: Implementing digital technologies requires a skilled workforce. Hence, MSMEs need to invest in training and upskilling their employees to effectively leverage digital tools.
   
2. Budget Constraints: Despite the intent to increase budgets, many MSMEs operate with limited financial resources. So, prioritizing investments and seeking cost-effective solutions is crucial for maximizing returns on digital investments.
   
3. Integration with Existing Systems: Seamlessly integrating new digital tools with existing systems can be complex. MSMEs must ensure that new technologies complement their current infrastructure and processes.
   
4. Change Management: Digital transformation involves significant changes in business processes and culture. But, MSMEs need to manage this change effectively to ensure smooth adoption and minimize resistance from employees.
   

Conclusion

The planned increase in budgets among MSMEs in India signals a positive shift towards embracing digital transformation. By investing in digital tools and technologies, MSMEs can enhance efficiency, improve customer experiences, expand their market reach, and build resilience. However, it is essential for businesses to address challenges such as skill gaps, budget constraints, and integration issues to fully realize the benefits of digitalisation.

Why Fusion

At Fusion Informatics, we specialize in providing tailored digital solutions to help MSMEs navigate their digital transformation journey. Contact us today to learn how we can support your business in leveraging digital technologies for sustained growth and success.

The post Embracing the Digital Future: 43% of MSMEs in India Plan to Increase Digitalisation Budget Next Year appeared first on AI, ML and IoT application development company | Fusion Informatics.

AI or Artificial Intelligence has major applications in the manufacturing industry. Right from developing OEE (Overall Equipment Efficiency) to FPY (First Pass Yield) production, AI is transcending levels. In manufacturing operations, AI is transforming machinery maintenance, AI-ML-powered analytics based on data predicts how often hulls of ships should be cleaned for maximum efficiency leading to huge cost savings in transportation, etc. For example, some companies use AI for evaluating component images during ongoing production lines that help to spot deviations from the standard in real-time.AI innovations are helping to expand uptime while focussing on quality, and efficient production, process, and the overall output. Let’s see the top 10 AI innovations in the manufacturing industry that are attracting manufacturing companies across the globe.

1. Robotic Plasma Cutters

The AI-driven robotic arm is assisting in the plasma cutting process and eliminates the requirement of the human labor force. Plasma cutting is a significant part of the manufacturing process and it was considered as one of the biggest technology wonders at the time of the industrial revolution. Traditionally it involves huge human labor but AI innovation is allowing to replace this with the cutting-edge robot arm simplifying cutting and assembling processes. It is considered now a remarkable AI innovation in the manufacturing segment.

2. MV Error Detection

AI-driven  MV (Machine Vision)is helping manufacturing with error detection. The technology of Machine Vision frameworks allows manufacturers to digitalize quality control processes in the front & back finish of creation lines. Machine Vision mistake location further allows to recognizing error while expanding a value-based creation of the products concerned.

3. AI-IoT Sensors

AI-IoT-based sensors are a leading AI innovation in the manufacturing sector. IoT (Internet-of-Things)sensors help to assemble information throughout the manufacturing processes at varied phases. All this information serves for continuous advancements and prescient support to manufacturers across levels. IoT sensors backed by Artificial Intelligence are an innovative name, too, in the manufacturing industry.

4. 5G Digital Connectivity

Though 5G (just like IoT) is not a complete AI-based manufacturing technology, it is helping the industry alongside AI for smart Connectivity. Companies offering 5G connectivity have not yet reached the farthest connectivity levels for buyers but proving to be a great support for assembling offices.5G  facilitates a high-speed data transmission bringing in more connectivity potential where AI-powered tools capture those data and process, analyze them helping manufacturing owners with better decision-making ability.

5. 3D Printing

 3D Printing has come out as one of the latest AI innovations in the manufacturing sector. Also referred to as an added substance fabricating,3 D printing is a notable digital device for specialists. The technology is helping manufacturers to create just specific parts or items in a singular form, as solitary pieces. This is allowing for a better arrangement and efficiency in the ecosystem. This is also considered one of the major AI-powered digital innovations in manufacturing the world over.

6. Video Surveillance Cameras

AI-powered video surveillance cameras are considered a boon towards managing security in the manufacturing industry. The very technology helps to manufacture businesses to cope with the higher costs involved for live security personnel ensuring safety and security. Workplaces, factories, logistics, and several areas that need constant vigilance and monitoring are not possible to be done manually. So, AI innovation in the form of advanced video surveillance technology, cameras, is helping organizations to carry out security features in a seamless manner.

7. E-Tail Supply Chain Model

AI-based automation at varied points, warehouses, procurement facilities, is helping the logistics in the manufacturing sector for efficient and productive ­­­­­­­­­­­­­ end-to-end processes and deliveries. This has created a new model, the e-tail supply chain model that connects, integrates inventory, and varied other logistics stakeholders ensuring improved supply-chain management overall.

8. Visual Inspection Tool

AI-enabled automated visual inspection tool is another landmark AI innovation in the manufacturing sector. Businesses are leveraging this AI capability to a great extent as it can detect flaws that are too small which humans cannot see with the naked eye. Products with microscopic flaws can be detected by AI-enabled cameras that are highly powered and sensitive than human eyes. The overall system can recognize even the smallest defects, flaws in products, mark them and send timely alerts to the concerned department.

9. AI-ML Inventory Management Solutions

Manufacturing businesses take into cognizance this aspect of AI intervention in the sector. Inefficient inventory management leads to greater overhead costs that are detrimental to any business involved. AI-ML-powered inventory management digital solutions help to manage the entire process effectively increasing productivity and efficiency. Manufacturers can manage inventories seamlessly based on demand and supply meters.

10. AI-Enabled Robots

 AI-enabled robots are replacing humans for risky transactions and lifting heavy equipment required frequently. Thus, AI is more than just a digital method to optimize automated processes. Remotely controlled  AI-enabled robots can do varied tasks that are beyond human capacity.   It enhances the traceability, flexibility aspects enabling successful operations in the ecosystem.

Wrapping Note

Want to know what is the future of AI in the manufacturing industry? As per Fortune Business Insights, AI (Artificial Intelligence) in the manufacturing market is geared for a massive USD 9.89 Billion by the year 2027! This is self-explanatory of the beneficial use cases of AI and how the technology is transforming the industry with magnificent innovations and inventions bringing positive outcomes!

We know during the entire manufacturing process, you deal with several challenges, right from raw materials to the process of production, from testing to marketing, and then for delivery. AI can help you in eliminating mundane tasks and bring productivity in multiple areas – Connect to our experts to know more.

The post Top 10 AI Innovations in Manufacturing Industry appeared first on AI, ML and IoT application development company | Fusion Informatics.

Manufacturing is one such vertical that has its roots deep into the Indian Industry. The biggest challenge manufacturing industries face is adopting new technology with the coming age. It is mostly noticed that the employees of such companies are highly accustomed to the traditional legacy processes and various systems in the warehouses and factories. We can see that almost all the Manufacturing operations management is turning digital and thus this creates a demand for mobile technology. It is of no surprise that the manufacturers prefer this, since 204 billion times apps have been downloaded by people worldwide alone in 2019 (Statista). The modern manufacturing domain is standing on the cusp of Industry 4.0, a new industrial revolution coming up this year. This approach would create a need for all the manufacturers to rethink about the ways in which their companies operate. Technologies like AI, Machine Learning, AR and IoT are changing how the traditional ways were used in manufacturing. These ways are helping the companies move forward by leveraging this whole lot of technology.

How is Mobile Technology helping the Manufacturing Industries?

1. Operational Efficiency

Operational efficiency is a key factor when it comes to the manufacturing process. Companies are prompted to evaluate how they are making use of these technologies and how it is affecting their companies. Industries want to opt beyond the current technologies that offer single use and hard-mounted devices. These devices do not allow flexibility and thus they want to opt for something that shares real time data and helps in fast decision making. These devices should be built in such a way that they handle any kind of rough handling, bumping and any kind of drops that is inevitable in this kind of environment. Thus, this helps in an improved method that is efficient and provides better output. 

2. Form Factor Flexibility

Mobile devices are beneficial for workers who work in the assembly lines and demanding devices which can integrate these solutions across the companies. Integration of these mobile devices can help in inventory management for fast data entry on the shipping docks and can also be used for showing the proof of delivery. The transformation of traditional methods to modern and fast methods requires optimal device deployment and a trusted partner that takes care of all the business needs for their work. Technology is capable of providing hardware and software solutions tailored specially for the manufacturing industry. 

3. Streamline Device Management

Reducing costs is an important task that any company has to manage. This can be reduced by reducing the number of devices that are being managed by the IT department of your company. For example, instead of managing each and every device individually, the whole lot can be managed by using Mobile Device Management(MDM) or Enterprise Mobility Management(EMM)  tools. These tools allow all the updates to be simplified and makes the process of troubleshooting, repair and management easy. This ensures that you spend less and the IT team is more focused on innovation than troubleshooting.

4. Enable Versatility and Maximise Security

Tasks can be equally divided among the team leaders who can work on individual areas of development. Each member can handle different tasks like managing operator breaks, taking charge of work orders, tracking these orders, etc. By using certain security measures, it can be ensured that any company data is not leaked out in any case. In manufacturing industries, financial data regarding accounts are always passed from person to person which increases the chances of leakage. These can be kept safe by using devices which enable encryption modes to store data. 

5. Access Powerful Computing on the Go

The people who work for a manufacturing industry can leverage the advantages that come with mobile devices. These devices have the ability to put all the tasks on a fast track and improve the efficiency in each step of manufacturing. If computing data is delivered on the go, along with data processing, the factories will no longer need to wait for the solutions for a long time. These solutions act as the anchors for smart factories in the future. The businesses that look forward to adopting these solutions are surely poised to gain some competitive advantage.

6. Logistics and Supply-chain Coordination

The best coordination supply chain and logistics can be expected from a company that adopts mobile solutions. This technology brings a balance in the timelines, delivery and profit margins of the company. A continuous tracking process with reporting to the supervisor in real time helps the manufacturers avoid any kind of negative cash flows. 

7. Predictive and Proactive Maintenance

It is important that automation tools and other components work optimally on the assembly line. This ensures cost reduction and helps in meeting target outcomes. Predictive maintenance can mark out the potential issues with a system with the help of a mobile tablet that is configured with the latest technology. Data collected by this device can be shared to the supervisors and managers on a dashboard or similar thing and thus help them make quick real time decisions to fix the problems. With a device in hand, the employees can report any kind of maintenance data which can be fixed in a short time and thus increase the productivity of the company. There are companies that work on an autonomous loop i.e., their data is in a loop which makes the systems intelligent over time. In case a machine fails, this data is recorded into a Machine Learning program and thus makes it better for future use. These machines can warn in the future if they see any similar kind of problem approaching. 

8. Resource and Inventory Management

Inputs that are gained by barcode scanning for location tracking of raw materials for a specific batch run can be a valuable aspect for Inventory Management. Employees working across various factories can supervise the movement of all the critical supplies and thus schedule production on time. Supply chain management applications have the capability to send out timely alerts of the status of various shipments to the worker’s devices once the products are scanned. To automatically trigger supply orders when products are running low, inventory management softwares can be used. 

Conclusion

Need of the hour is introducing mobile technology well into the manufacturing industry and making it flow with the ongoing digitization in the world. This not only does improve efficiency of such companies but also makes this industry more promising. 

The post Why is Mobile Technology set to become the next big story in the Indian Manufacturing Industry? appeared first on AI, ML and IoT application development company | Fusion Informatics.