There are too many variables. They are all moving very, very fast. By the time you understand one thing, not only "that thing" has changed but many new variables would have also popped up. So, how does one begin working at Textiles 4.0? Global futurist Aseem Prakash says how.
Is your business ready for Textiles 4.0?
Before you can say, 'Yes', 'No', 'May be' or 'I don't know', you will want to know what does Textiles 4.0 mean. Once you've understood its meaning and scope, your thinking and perhaps, even your business strategy, will change dramatically. Or, so it should.
So, what is Textiles 4.0?
Here is a clue: it is not a conference or an industry expo (although it is a great name for that too). Textiles 4.0 is a fancy way to talk about the Future of Textiles. It is based on a rapidly spreading expression, "Industry 4.0", which in itself refers to how the advancements in various technologies are radically transforming your industry.
Now that you know what Textiles 4.0 means, is your business ready for it?
Here is another clue: as you begin navigating the future, you will soon develop a splitting headache. There are too many variables. They are all moving very, very fast. By the time you understand one thing, not only "that thing" has changed but many new variables would have also popped up. Most variables are unfamiliar or remain unfinished (work-in-progress).
So, how or where do you begin?
To save you a headache pill, here are some of the shifts that you may want to start paying attention to and make yourself future-ready.
Who is your next competitor? Is it a known company, locally or globally? Is it a start-up within, or outside, your industry? What about artificial intelligence? What will you do when a company, start-up or established, uses artificial intelligence to redefine how your industry operates?
No, this is not a hypothetical or intellectual question. It is already happening.
A start-up in India, Stylumia, plans to use artificial intelligence to predict consumer likings and fashion trends. It wants to change how clothing companies make decisions about what to make or how to price, from hunches to analytics.
At a minimum, the power of decision-making and control of what you should or should not do shift from your business to an unknown start-up.
Talk to anybody from anywhere. In no time, you will be told to invest in innovation. That is no brainer, for sure.
Except, how do you innovate the new product line, especially now, that is right for today and ready for tomorrow? Equally important, how do you build a product that not only gives you an edge in the marketplace, but also simultaneously creates new value for customers?