India's Manufacturing Sector Soon to Witness its Greatest Innovations, Says This Industry Expert
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He has always been a result-driven individual, focusing particularly on the growth aspect of business. Navrozr Dastur, the Managing Director, (India) of NCR Corporation India Pvt. Ltd, is responsible for implementing medium and long-term strategies, formulating business plans to enhance and strengthen market share.
NCR India is a 100% subsidiary of NCR Corporation, US. It is the global leader in consumer transaction technologies. Headquartered in Duluth, Georgia, the company has more than 32,600 employees working for it and runs operations in more than 150+ countries.
In an exclusive interview with Entrepreneur India, Dastur shared his views and opinion on growth policies, strategic alliances and ways to win new businesses.
Dastur makes sure that the business continues to grow by way of developing new clients while maintaining its existing customer base. His emphasis is always on sales, business development and P&L responsibilities. For Dastur, the way to increase market share is through unconditional dedication and hard work, put in by team players collectively.
Decoding Growth Stratagem
Dastur has a wide exposure to information technology, telecom and consumer durables industry and have worked for brands like Ericsson, Telerate, Real Value & PCL. According to him, turning information into insight, having daily conversations with potential customers, diversifying and having knowledge about the market are excellent growth strategies.
A veteran in the service/manufacturing sector, Dastur added a slew of other measures to ensure businesses in service/manufacturing sector continue to grow. A consistent sense of focus, continuous innovation, adaptive leadership, good communication, adopting technology and services that enhance customer experience, keeping track of how technology is evolving and investing in R&D -- are some of them.
"In our sector, it is important to invest in cloud platforms that enable cognitive insights, engagement and automation, which will provide customers with predictive analytics and cognitive technology to engage with their customers," he reminded.
More than Disruption, Technology is Boon for Business
The service/manufacturing sector is one of the most technologically advanced and innovative sectors in the world. Technology has changed the world we live in and has definitely changed the way we operate business.
The role of technology has changed from being a source of marginal efficiency gains to becoming the foundation for transformation. Companies today are increasingly recognizing the need to innovate both to stay ahead of competitors and prevent the disruption of established business models by ambitious and responsive digital initiatives.
Dastur said technology is not just disrupting business, but is a boon to us. "Today, companies across the globe are increasingly depending on technology to improve their customer experience. It is considered at every touch point and the advent of technology has enabled us to further personalize that experience," he divulged.
Paradigm for Innovation Moving Towards More Consumer-centric Solutions
Globally, the paradigm for innovation is fast moving towards more consumer-centric solutions, delivered through the adoption of technology. Solution innovation has been driving the change around the world, intervening to provide accessible and affordable solutions to meet ever-shifting consumer needs. Exemplars from around the world clearly depict the role played by innovative solutions in increasing national economic growth and improving standards of living.
Dastur stated that countries like China, Japan and South Korea have recorded significant growth in gross domestic product (GDP) over the past few decades. "This has been achieved by promoting the inward transfer of foreign technology and developing their domestic capacity to digest and improve through reverse engineering and foreign licensing. Significant investments in R&D also played a role," he elaborated.
Increased Entrepreneurial Opportunities in Manufacturing Sector
India is poised to become the third-largest economy worldwide by 2030. In the words of Prime Minister Narendra Modi, India offers the 3 'Ds' for business to thrive -- democracy, demography and demand -- in addition to a tech-savvy and educated population and strong sense of commitment.
India's manufacturing sector has evolved through several phases. Technology has evolved rapidly in the past couple of years, bringing massive changes to manufacturing industry.
However, Dastur never shied away from mentioning that the pace of technological development is still accelerating, despite important transformation being witnessed in the sector. He predicted greatest changes in the industry to be unleashed in the next few years.
"Today, Indian manufacturing companies in several sectors are targeting global markets and are becoming formidable global competitors. This provides increased future entrepreneurial opportunities in this sector," enthused Dastur, who has spearheaded the country's Cheque Truncation projects for NCR India Corporation's two important clients -- RBI and National Payments Corporation of India (NPCI).
With its software, hardware, and portfolio of services, NCR enables more than 485 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small businesses.