Make in India, the campaign by Government of India to encourage MNCs as well as national companies to make their products in India is already making all the right noises. This is undoubtedly an initiative with huge potential to innovate and start a new revolution in the Indian technology market.
The demand for electronic gadgets is expected to rise above US$300 million by 2020. Considering this huge surge in the demand, India could be at the manufacturing end of this market and reap the benefits if Make in India turns out to be effective enough. This can also enrich the Indian economy by reducing the amount of imports from other countries.
Make in India focuses on many other sectors apart from electronics like automobile, aviation, biotechnology and construction to name a few. This gives it the power to transform India in almost every way possible while making it economically rich in the process.
The effectiveness of a campaign depends on a wide range of factors. It can also easily be leveraged by improvising some of these factors the right way. Being a campaign mainly focussed at the digital arena, Make in India can use the newest technologies and business practices that have been created by the IT world. The hype about big data has proven to be genuine and businesses have already started employing it to skyrocket their strategies.
In this scenario, Make in India can use the big data advantage to garner better reach and ensure maximum effectiveness. The manufacturing sector will be mainly driven by analytics, mobile, social and cloud in the future. The rise of these technologies along with big data makes it easier to find and fix gaps between businesses and customers. IT and its newer contributions like big data has the potential to pave way for extraordinary development in manufacturing and R&D. Business intelligence gained using big data can make sure that every decision made in a company is going to be just the right one. The transition from client/server applications to mobility, social business, cloud and big data analytics vows to make a collaborative, real-time, decision-making environment that will be supportive to manufacturers.
What all these great new additions to business development means is, marginally high success rates for newer businesses that employ these technologies. Make in India can definitely reap benefits from this to further make the campaign a huge success.
What Make in India can do to help new companies
Being a campaign aimed primarily at creating new companies and encouraging existing ones to start manufacturing in India, the success of these companies is what defines the success of the whole campaign. From that perspective, the campaign should also help newer businesses in ways other than just improving ease of doing business in India. The ease of doing business alone doesn’t create a successful business. For the creation of a successful business in today’s age, you obviously need a lot more than that.
How Big Data can help
Big data and competitive intelligence is the new secret recipe for business success. Considering how almost all companies are deep rooted in the digital world nowadays, big data is certainly going to be a catalyst which can promise success. Make in India campaign can encourage the use of big data in newer start-ups to help them find success.
Big data can also be used by the campaign itself to increase its reach and effectiveness. One example would be to collect the financial data about all start-ups in the last few years and evaluate their growth to find out the patterns that could lead to success. Since data can reveal the secrets of business success, it can prove to be of utmost significance to the campaign.
Make in India campaign by the government of India holds a lot of potential to drive innovation and development. If blended with the newer business intelligence technologies like big data, it can undoubtedly work wonders in the business scene of our country.
This is a guest contribution from Jacob Koshy.