PUNE: Industry experts have stressed on the need to have a multidisciplinary education system to promote innovation and focus on research and development, which are some moves companies can take as part of transforming their business.
The experts had gathered at fifth West Tech Summit organised by Confederation of Indian Industry at Hyatt Regency on Nagar Road on Tuesday. The day-long event was focused on the need to adapt to industry 4.0 standards and focused on research and development in the industry. Shaffic Ahamed, Vice president and country manager-IT of Sandvik Asia Private Limited, said that market demand drives innovation and the future depends on the market needs. “A technology might exist for years but when demand increases, there are changes in the technology,” added Ahamed.
Another expert, Gautam Dutta of Siemens Industry Software Private Limited, said that disruption leads to innovation. Speaking on education in India, Dutta said that the people should be ready to unlearn and relearn. The experts stressed on the use of arts and science combination in education to promote innovation in India.
Janak Nabar, Chief Executive Officer of Centre for Technology, Innovation and Economic Research, said that there is need for good economic policies, which will help the companies increase trade and innovation. Economic analyst Pranjal Sharma said that there is need to break through traditional ways of thought process. “One must have ability to find solutions to problems, which will take you ahead,” added Sharma. Speaking on the acceptance of industry 4.0 standards, the experts said that it is not a choice whether to opt for industry 4.0 but how fast companies can adopt industry 4.0 standards.