Translating Innovation from India to the world | The Financial Express

Translating Innovation from India to the world

India is becoming the global hub for innovation with the third-largest start-up ecosystem.

Translating Innovation from India to the world
Prashant Verma, Co-founder & India Head, Nanoprecise Sci Corp
  1. Could you tell us what some of the changes are in the world of maintenance and how your technology helps you deliver value today and will continue to do so in the future?

The maintenance domain is in a constant state of evolution, with rapid advancements in technology. As the traditional approaches to maintenance receive due criticism for being costly and ineffective, it is paving the way for technologies that drive digital transformation. The headwinds of labor and cost pressures create opportunities for Nanoprecise to provide IoT solutions that ease these pressures and put them on the path to profitability.

We are working with businesses across a wide range of sectors, to build customized solutions that help them drive their Industry 4.0 Journey. With a team that comprises expertise in hardware, condition monitoring, and software, the Nanoprecise team offers a complete package that can assist users with specification, installation, and ongoing usage of a truly automated monitoring solution.

Moreover, Nanoprecise is expanding from offering remote condition monitoring solutions to providing condition monitoring-based energy efficiency insights. We recently launched our new product – NrgMonitor, which helps users track their energy consumption. It not only allows for the reduction of energy waste but also helps operators to reduce their carbon

footprint. This combination makes Nanoprecise far more than a simple Sensor company. The Nanoprecise team strives to ensure that customers have a robust analytics backbone that empowers maintenance & reliability teams with the right data at the right time. 

  1. Can you please share a bit about the journey of Nanoprecise?

We began as a small team in 2017, in Edmonton, Canada. Over the past 5 years, we have continued to grow and evolve into a solutions provider, with our business spanning across geographies. We have been growing exponentially since our inception and are getting recognized as a key player in the condition monitoring and predictive maintenance domains.

Our global footprint continues to grow with new customers and partnerships across Asia, Europe, North America, and Oceania. With continuous investment in our team of innovative and skilled professionals, we are empowering the team of modern industrial personnel to manage their assets remotely. The journey has been fascinating so far and we are constantly working toward helping customers reduce unplanned downtime and improve their operational efficiency.

  1. Could you tell us a bit more about your operations in India?

India is becoming the global hub for innovation with the third-largest start-up ecosystem. We are leveraging India’s strength in terms of its talent, to help our global customer base. We were one of the earliest players offering AI-based end-to-end predictive maintenance solutions for manufacturers & operators in India.

There are some large conglomerates with complex operations in India, that have been early adopters of Industry 4.0. These customers have been trying new technologies to enhance their productivity. Nanoprecise has been working with these organizations to help them drive the digital transformation of their manufacturing operations.  

Our experience indicates that what we see in India is mimicked across a number of regions around the world. For Nanoprecise, India has been an agile proving ground. We have successfully completed multiple pilots of a number of innovative approaches for customers across various sectors in India, and have scaled them to other parts of the world.

We have many examples from chemicals, cement, and a wide range of other industries in India, where we have successfully proved our capabilities and then scaled across their global operations. This is a testament to our dedication and passion for implementing new technologies & approaches to helping manufacturers gain complete visibility of their operations.

Nanoprecise today has a large team in India and is translating India-specific expertise to the rest of the world. Our India operations are not just a tech center but also a center for producing value chains and processes that serve our global customers.

 4. Could you shed some light on your team and how they’ve helped manufacturers optimize productivity?  

The Nanoprecise team comprises engineers and technologists with expertise in hardware, condition monitoring, and software. Our team provides predictive capabilities to businesses with the help of end-to-end customizable and scalable solutions. This results in meaningful insights, and higher analytics adoption amongst maintenance & reliability professionals, which leads to the democratization of complex machine data. Our team strives to help maintenance and reliability professionals make faster and more accurate decisions that help drive efficiencies and improve their competitive advantage.

The team’s extensive experience and technological know-how help countless asset-intensive organizations to enhance their performance and reduce their carbon footprint while reducing maintenance expenditures, thereby catalyzing the growth of the manufacturing sector.

  1. Could you share your experience in leading the market penetration in India?

On one hand, India has emerged as an innovation powerhouse with the Indian technology ecosystem growing at a steady pace. On the other hand, Indian manufacturers have been moving towards rapid adoption of digital technologies for more than a decade. It has accelerated due to the covid-19 pandemic as companies had to adapt to new realities. We have been working with multiple customers across the Indian subcontinent over the past 5 years to help them improve their productivity and increase their efficiency.

We have more than quadrupled our presence in India over the years. During this time, we have seen a significant increase in the interest from Indian manufacturers towards the adoption of large-scale Industrial IoT, to fuel their journey towards industry 4.0. We work with some of the leading Fortune 500 companies in sectors such as metals, mining, and chemicals, not only to facilitate reduced unplanned downtime but also to enhance time & cost savings in their maintenance activities. Our expertise and know-how of the manufacturing processes have helped one of the largest cement manufacturers in the world to scale IIoT deployment from a small-scale pilot in one of their Indian business units to a global rollout. This is a testimony to our customer’s trust in our solutions, and a demonstration of our commitment to support our customers in their Industry 4.0 journey.

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First published on: 12-10-2022 at 17:26 IST