The manufacturing landscape has changed drastically over the last decade.The manufacturing sector plays a pivotal role in the country’s economy in terms of development, employment, and contribution to the GDP. Currently, in the excess of 30 million people are employed by the manufacturing sector in both organized and unorganized set-up. More than 5 million manufacturing units are established in rural areas. The Indian government aims to achieve a 25 percent GDP share by 2022 and India’s manufacturing sector has the potential to reach US$ 1trillion by 2025. Initiatives like ‘Make in India’ and sector-specific incentives to various manufacturing companies, aims to make India a global manufacturing hub.
The global manufacturing industry is rising year-on-year at a healthy pace of 3 percent, contributing 30 percent to global GDP. The growth drivers for manufacturing concerning global scenarios are government initiatives, public-private partnerships, international investments, advanced technology integration, operational efficiency for maximizing savings, and consumption. The shift of focus on the value chain becomes even more important than ever for increasing efficiency and identifying loopholes to gain a higher profit margin.
Manufacturing Industry challenges
The booming manufacturing industry has tremendous opportunities and massive potential to make India the global manufacturing hub. However challenges remain:
- Advanced technology integration to yield meaningful insights and facilitate error-free functioning.
- Workforce skill development to cater to the needs of the industry.
- Attracting global players and inviting FDI.
- Some of the other challenges that exist and need focus are customer-centric value creation networks, leapfrog productivity gains through technology intelligence, simplexity – making complex manufacturing systems simple and new partnerships for new manufacturing skills.
How We Can Help
The rise of the manufacturing industry has been healthy and will continue until India becomes the global manufacturing. Since procurement is done on a large scale, the various challenges arise such as transparency, spend visibility, negotiating prices, management of vendors and contracts, etc.Streamlined procurement systems help derive maximum value, increasing efficiency and curtailing maverick costs.
At C1, we strongly believe that e-Procurement can be a game-changer in transforming India into a manufacturing hub. We aim to build partnerships to help you transform your value chains with our extensive offerings.
Our comprehensive e-Procurement suite includes inventory and indent management, e-Auctioning, e-Sourcing, vendor management, contract management, and risk management. With the focus of providing you the liberty to transform your supply chain as suitable to your requirements, we also provide actionable insights derived from our analytical tools such as expense management, budget and spend analysis.
As pioneers of the e-Procurement space, we have assisted some of the biggest companies in the Manufacturing sector. Our clients include:
