India has become a major hub for technology transactions and investments – ranking third in the world after the United States and the United Kingdom[i]. There is strong focus on the manufacturing industry, especially on research and development (R&D), which is projected to grow at a CAGR of 20.5% by 2020[ii]. The government’s push for a digital economy and missions such as Make in India have put India on the global innovation map.
This has also propelled the country towards a journey of technological evolution. The emergence of data analytics, block chain, and cognitive technologies such as Artificial Intelligence (AI) and Machine Learning (ML) have opened new gateways for a connected future, transforming the way people and machines interact.
In India, Honeywell has been at the forefront of this technological evolution – starting in the 1930s with the country’s first oil and gas refinery in Digboi, Assam. Today, we are a leading industrial software technology company delivering industry-specific solutions across sectors such as aerospace, buildings, performance materials and safety and productivity. Our transformational technologies are boosting productivity, increasing efficiency and improving equipment performance.
What we do today, determines what happens tomorrow
With rapid strides in technology advances, customer expectations are also evolving. They now look for cost-competitive products to provide them with a hyper-connected, seamless experience.
To address demands of industries in diverse geographies, Honeywell focuses on its East-for-East (E4E) and East-to-Rest (E2R) strategies. Through these, our aim is to innovate, design and manufacture in India for the India market, and for other geographies such as Latin America. This helps us in bringing tailor-made solutions to industries in a specific region and add value to their businesses.
We are also targeting India’s growing micro, small and medium enterprises (MSMEs) – a segment that is expected to contribute to India’s GDP by over 50%. We call this our Mass Mid Segment (MMS) offering. For example, our Honeywell Building Technologies (HBT) business has an extensive portfolio, catering to the needs of large commercial buildings like premium hotels and offices. Solutions such as fire security systems for these buildings are complex in installation, configuration and operation. We are now looking to expand our significance from large enterprises to MSMEs by introducing technologies that will increase energy efficiency, productivity, compliance and profits for budget hotels and smaller buildings. Honeywell is also setting up a dedicated organization in Pune to meet the demands of this growing segment.
In a world where we generate sizeable data and aspire to stay connected, Honeywell is working on driving business decisions through connected solutions. Our recently launched Industrial Internet of Things (IIoT) platform Honeywell ForgeTM, is an enabler for industrial operations. This powerful analytics software platform uses real-time data and visual intelligence to provide an enterprise-wide, top-to-bottom view of process, assets, people, and safety. Forge addresses today’s challenges by holistically looking at business operations, understanding the inter-relationships and economic opportunities to achieve peak performance and ensure safety and efficiency.
From safer skies to driving energy efficiency – making it all happen now
To reimagine the future, one has to align existing technologies with policy. Therefore, our focus on India’s mega trends is an enabler for us to shape the future of industries. For instance, we are ready with a slew of clean fuel technologies as the government plans to implement Bharat Stage VI (BS VI) fuel standards from April 2020. Technologies from our UOP portfolio and the process solutions business are helping us meet India’s requirement for clean energy solutions. We are also providing advanced solutions with Honeywell Forge by driving our connected plants proposition.
Through our HBT business, we are making buildings safer with fire safety, security, surveillance, and access control technologies. We will soon introduce new solutions in pharmaceuticals and life sciences, pivoting on cost and compliance technology.
To accomplish all of this, we are committed to investing in software development and nurturing our talent pool. Currently 50% of the 13,000 employees present in India are engineers and we believe that to shape the future, it is important to innovate in the present with the right talent. With the advent of new technology paradigms, the future will be smarter, safer and sustainable. What matters is how we plan to make it, how we imagine it. Therein is our success.
[i] Source: EY’s 14th biannual CCB – Technology report | June 2016 | Link here
[ii] Source: INDIAN SCIENCE AND R&D INDUSTRY REPORT | September 2019 | Link here
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
