A panel discussion on ‘Are SMEs benefitting from Industry 4.0’ was organised by MVIRDC World Trade Centre Mumbai in association with All India Association of Industries at World Trade Center Mumbai. The panel discussion was a precursor to the 8th Global Economic Summit which is scheduled from March 6-8, 2019.

Panellist Mrs. Suniti Gupta, MD, Lateral Praxis said, “Having worked with small and medium enterprises (SMEs) for more than a decade, I feel that they are well positioned to take advantage of current wave of technological interventions. With advancements in technology they too have to have a mindset of taking the plunge with the right partners and see their effort and investment blossom into giving them insights into a healthier business and a more productive team.”

Mrs. Gupta mentioned how her organisation’s digital technology has brought about supply chain efficiency for milk processing companies in Maharashtra. Mrs. Gupta’s Lateral Praxis has also been partnering with Government of India for efficient delivery of fertilizer subsidy to farmers.

Moderator Mrs. Pooja Meswani, Director, Deloitte India remarked, “We live in an interesting era of technological transition, where Industry 4.0 technologies characterised by network of digitally-connected ecosystem can bring process efficiency and gains for SMEs. SMEs can benefit by adopting cost-effective technology solutions based on their needs and scale of operation from trusted vendors.”

Panellist Mr. Abhinav Aggarwal, Co-Founder and Chief Executive Officer, Fluid Al said, “Technology is an effective leveler that enables SMEs to compete with large corporate houses. SMEs can benefit from Industry 4.0 technologies if they can identify processes with high RoI (return on investment) and adopt simple, cost-effective technologies. SMEs must partner with trusted technology vendors who can provide cost-effective technology solutions. Artificial intelligence technology such as voice bot can enable SMEs to run customer support functions without having a large team of support staffs. SMEs can use big data to predict consumer demand patterns and adjust production, distribution and inventory management accordingly.”

Mr. Y. R. Warerkar, Director General, MVIRDC World Trade Center Mumbai said, “Fourth Industrial Revolution has become a buzzword in business discussions, media reports and policy circles in recent times. Technologies such as artificial intelligence, blockchain, 3D printing will transform business models across a wide range of industries in ways beyond our imagination.”

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From (L-R): Mr. Anil Velde, Ms. Suniti Gupta, Ms. Pooja Meswani and Mr. Y. R. Warerkar.