Thyssenkrupp Industries India

Volatility in terms of market changes or governmental policy is an inherent part of every business. To remain successful, every business needs to be ready to face uncertainties especially if the scale of change is massive.

Changes in the prices of commodities, such as oil, have had a deep-rooted impact on the manufacturing sector thereby making continued innovations even more critical for the industry.

At Thyssenkrupp, the company has invested more than €3.5 billion in research since 2011/ 2012; and over €800 million of that in the past fiscal year alone. Last year, it unveiled a new generation of compact bucket wheel excavators – “Barracuda” and “Mine Shark” that can mine hard materials with compressive strengths of up to 50MPa. It also expanded its product portfolio by launching a new line of crushing and screening solutions for aggregate crushing.
While the manufacturing industry has made significant steps in embracing new technologies, it is crucial to remain ahead of the curve by investing in new areas of growth like digital manufacturing and automation.

Globalisation has been a reality across the world and businesses have learned to adapt to it. While global players have come to India, domestic companies have also ventured overseas looking for lucrative markets.

To remain ahead in the domestic market, Indian companies must look at technological enhancement especially product or service innovation. Sustained growth and market leadership can be achieved if Indians quickly adopt or create global best practices while taking a holistic approach towards successful adoption of lean practices.