Tata Strategic report ‘Redefining Brand India: Value through Innovation and New Product Development’

Posted by: at 9/02/2016 04:09:00 am


Tata Strategic Management Group in collaboration with FICCI released a report to determine the actions needed by the Indian pumps, valves and process equipment (PVPE) industry to break free from its image of a low cost supplier of goods

Recent PVPE industry trends such as newer  applications and changing buying criteria of customers necessitate innovative solutions and newer products

The report  identifies three key characteristics of the leading PVPE manufacturers worldwide –
Leadership focussing of innovation and NPD

Emphasis on R&D as their core competency

Early adopters of the advanced manufacturing trends

The report highlights several challenges that the Indian PVPE industry faces in adopting innovation and NPD such as ineffective processes, vendor limitations, and lack of fiscal incentive for investing in R&D and indigenous technology
Finally, the report prescribes that only a collaborative effort by the stake holders: industry, government, industry bodies will help in developing an ecosystem that fosters innovation and NPD in India
Tata Strategic report ‘Redefining Brand India: Value through Innovation and New Product Development’


Mumbai, September 2nd, 2016: Tata Strategic Management Group, the management consulting arm of the Tata Group, today unveiled a strategic report titled ‘Redefining Brand India: Value through Innovation and New Product Development – A strategic report for the Pump, Valves & Process Equipment industry’ in collaboration with FICCI. The report was released in the ‘PVPE Expo 2016’, the largest and unique platform for the Pumps, Valves & Process Equipment companies to showcase their capabilities.

The report highlights that developing an ecosystem that fosters innovation and new product development (NPD) is the only way Indian manufacturers can break free from the image of low cost manufacturers. It highlights the industry’s perspective on the topic through a series of interactions with various industry stalwarts.

The trends emerging in the PVPE industry such as newer & complex applications in oil & gas, growing awareness among end users of minimising total cost of ownership (TCO) and end customers differentiating among suppliers on the basis of service quality and speed are driving the need for PVPE suppliers to provide innovative solutions and new products.
The report  identifies three key characteristics of leading global PVPE manufacturers – one, their leadership focusses of innovation and NPD in all its communication and strategy actions, two, they lay emphasis on R&D as their core competency & three, they are early adopters of advanced manufacturing trends such as Industrial Internet of Things (IIoT), additive manufacturing, advanced robotics, augmented reality etc.

As per the report, there are several challenges that the PVPE industry faces in adopting innovation and NPD in order to become suppliers of world class technology. Some of the key challenges are lack of effective innovation and NPD process in Indian manufacturing firms, limited vendor capability and insufficient fiscal incentive for growth of R&D and indigenous technology. Lack of top management focus and culture of short term goals emerged as the most critical challenges.

The report spells out imperatives for the stakeholders and recommends collaborative approach for the industry to develop an ecosystem for innovation and NPD in India. PVPE manufacturers need to establish processes within their firms and undertake more joint product development projects with their vendors & customers. Industry bodies have to focus on working with the government for allocation of sector specific funds & setting up facilities for R&D.    The government needs refine tax laws related to R&D expenses & provide tax benefits to promote use of new emerging technologies in the industry.

Commenting on the report Mr. Shripad Ranade, Practice Head – Automotive, Engineering & Infrastructure, Tata Strategic Management Group, said, “The increasingly competitive global industry scenario has made it imperative for the Indian PVPE industry to break free from its legacy of being low cost manufacturers and move towards creating greater value for their customers and drive industry growth.”

Mr. Abhishek Bagwe, Engagement Manager – Engineering & Infrastructure, Tata Strategic Management Group, added, “The next phase of growth in Indian PVPE industry will be determined by how well Indian manufacturers can establish comprehensive innovation & NPD processes and focus on working jointly with suppliers and customers on product development.”

About Tata Strategic Management Group

Tata Strategic Management Group is the largest Indian owned Management Consulting firm. It addresses top of the mind issues of Business Leaders in the areas of growth, new market entry, organization effectiveness and overall performance improvement. Over the past several years, Tata Strategic has partnered with FICCI and other industry associations to publish numerous reports addressing key opportunities and issues facing Indian industry.
Related Posts Plugin for WordPress, Blogger...

Share Your Opinion