The ongoing Pandemic has badly battered the economy. Does infrastructure hold the key to revive the Indian economy? Your views
After agriculture, the construction, infrastructure and real estate segments are the second-largest employment providers in the country. The infrastructure and construction sectors are key drivers for propelling development of the Indian economy and the intense focus of the Government for initiating supportive policies including their edict of ‘Atmanirbhar Bharat’ would surely ensure timely creation of world-class infrastructure in the country. This will certainly augur well for the CE industry.
How are you adapting to the ‘New Normal’?
Covid-19 has brought about a paradigm shift to life, as we know it, and also to the way we conduct business. The entire business ecosystem, of course, has been grappling with multiple issues related to employee well-being, arrested demand, production rollbacks, supply-chain, logistical disruptions, and more. When the situation started shifting at the beginning of 2020, we, at ACE, focused on establishing business continuity plans. We started optimizing operating in line with workplace sanitization and social distancing norms, while efficiency with teams working remote and maintaining 50% or less on-site strength.
Post lockdown, our focus was on ensuring the complete safety of our people. To that end, besides putting the safety protocols in place, we also ensured free vaccination of all our employees. In the throes of the second wave, we also extended the best possible support to our employees in terms of assistance with hospital beds, availability of oxygen and plasma, as also financial support to them and their families. We also used the time of the lockdown to adopt a digital-first approach for the skill development of our employees. We also conducted extensive sales training to further equip our sales teams, besides undertaking detailed reviews to realign business with changing economic & social environment.
Covid-19 protocol such as ‘minimum contact’ has further expedited Digital initiatives to be in contact with the manufacturing facility, dealers and end users. What are the digital initiatives you have taken in this regard?
Every industry, every company and every individual is technologically and digitally engaged in the current times. Digital platforms are extremely effective and to some extent indispensable for brand building. But we use them more so to make our internal processes more efficacious and transparent and make decision-making real-time and quick. To ensure effectiveness of different departments, we have evolved Mobile Apps. Even the machines today are connected with telematics wherever required and most of our branches and dealer network are also on DMS (Dealer Management System) to ensure effectiveness of work. We are present on all major digital platforms, viz, Google, Facebook, Youtube, Instagram, Linkedin, Twitter & B2B Portals like Indiamart, Trade India, etc.
What are the finance schemes you offer to suit varying requirements of the prospective customers?
We have tie ups with almost all the financiers in the market. Our product is financed by all the finance companies at a very reasonable rate. Also we have MoU’s with major players that help customers to get finance done at very lucrative rates.
The Pandemic has further expedited technologic advancement such as minimum human intervention by integrating IoT, AI. Towards this, what are the R&Ds going on at your end?
At ACE, our company DNA has always stemmed from developing value-for-money products from the customer standpoint, on the one hand, while still offering operator-friendly products, on the other. Robust R&D has always been a big part of our success story. Utilizing virtual/augmented reality for prognostics/ diagnostics and virtual assistance may in future, fulfill the service requirements. Large auto manufacturers across the globe are already dabbling with technologies such as Photogrammetry for 3D printing and service/CRM solutions such as Reverb, Occulus and Hololens for remote identification and sometimes even solution of issues arising in vehicles. Not a remote possibility for us in the construction equipment industry either!
The use of technology in machinery also provides opportunities to improve the design and production of products using the service feedback. This can reduce considerably, the overall cost of the machinery through its lifespan along with a reduction in material consumption. Leaders in their arena, ACE, has always pro-actively fulfilled each one of its customers’ needs, requirements and indeed wishes. Tech is now at centre-stage. Use of technology will not only be providing economically viable solutions for the manufacturers, operators and customers, but also environmentally viable solutions in the future.
ACE is already utilizing some of the best technology available worldwide and we constantly work to upgrade and adapt all possible technology to Indian working conditions. Making sure Nothing Beats an ACE!
How do you see the economy, opportunities and challenges in this pandemic situation and please give us a brief idea about the strategies outlined to tap in the future potentials?
The second wave of Covid-19 certainly disrupted the momentum of the March quarter. April and May of the new financial year saw a large part of the country being under lockdown. Also with the 2nd wave we are seeing stress in the rural economy which was the saviour post the 1st wave. It’ll be a wait & watch as of now & we feel with Central Government’s impetus on infrastructure development will result in speedy recovery for the balance part of FY 2021-22.
Infrastructure push by government with increased focus in public private partnership projects & inflow of FDI’s in the construction space has been instrumental in driving demand. The government has outlined several road works, building works and smart city development projects. All these will require construction and earth-moving equipment, which will result in the fast-paced growth of the construction equipment sector in India. Further, Infra push will be dependent upon accelerating in availability of Finance and Construction companies emerging with stronger balance sheets. National Infrastructure Pipeline (NIP) is the key demand driver for the CE industry. Road transport, railways, irrigation, water resources, airports are the key projects covered under the NIP program. It is expected that infrastructure spending by the government will continue to remain robust in the coming years.
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