It’s certain that we live in a technological era and that for the last decades all kinds of innovations and digital tools have become indispensable in our lives, both personal and professional. In the import-export sector, digitalization has been especially important. Nowadays, with the right technology and tools, export and import professionals are able to optimise repetitive tasks, can track their cargo around the world 24/7, or get quicker and almost immediate responses to their logistic operations.
The technology-intensive structures are more beneficial for export growth and industrial development.
Fast-track the flow of global trade documentation between companies
In the example of bills of lading (BL or BoL), blockchain document transaction systems are now available which enable exporters to tokenize, encrypt, and transfer bills of lading, along with any additional documents needed for the trade processes. This digitised legal document transfer method is significantly faster, more secure, and more cost efficient than traditional methods.
Enhanced GPS accuracy
Gone are the days, when you printed out directions from the computer before your exporter left the respective warehouse. Now-a-days, almost every individual uses GPS, whether built-in on their vehicles or on their smartphones. The accuracy of these GPS devices has drastically increased throughout the years, not only just helping drivers but also improving the supply chain.
Also, the advanced accuracy of GPS devices allows for increased productivity and satisfied users, by tracking vehicle locations and improving hauls through access to updated traffic data.
Shipment tracking systems
Earlier, when users booked shipments, they received an estimated delivery date and then were left in the dark, unless they decided to make a call to their respective vendor.
With the advent of technology, internet and software advances allow customers access to shipping and tracking systems 24/7. Not only does this enhance the users experience, but it also saves time and money for the firm as well. It is often said that, when you track shipments, you have better control of the entire shipping process.
Helps in vehicle maintenance
Another benefit technology is giving import-export firms is that they can utilise predictive maintenance tools that analyse vehicles remotely. By checking sensor data and equipment monitoring tools, firms can work out when any vehicle within their fleet, no matter the size of that fleet, requires maintenance.
It leads to various benefits. For example, there is less downtime of vehicles because they’re maintained before big issues arise. Also, costs are reduced and the reliability of services is increased for customers.
Internet of Things (IoT) and Radio Frequency Identification (RFID)
The Internet of Things (IoT) is setting up many opportunities for the supply chain, such as reducing costs and better control of the entire export process. Sensors are built into trucks, cargo ships, etc., and connect to an alarm system or dispatcher that is monitoring and tracking. These sensors process and transmit the information to the firms who then gain insight into hidden risks and knowledge. Although IoT isn’t an entirely new technology, it continues to impact the future of import-export, allowing for a more accurate in-transit visibility and delivery of goods.
Also, RFID technology, which has also been in use in the last couple of years, is a popular labour-saving way firms can track their inventory. Usually in stores, a tag or sensor is placed on the product and radio waves are sent out. The data is then received and processed by the firm. Similar to RFID tags are barcodes, but the superior speed of information delivery and data processing of RFIDs is more appealing to businesses and the way modern technology is moving.
Presently, many firms opt for RFID tags in their distribution warehouses to monitor containers. Other industries are also using RFID tags, such as the apparel industry and major theme parks.
Make trade digital
The point of increased usage of technology is to make life easier. When it comes to import-export, technology has made the demand for supplies more urgent. With the advancement of technology, companies and the end clients are expecting quick delivery. However, if trade and trade financing are not upgraded and digitised, the industry cannot keep up with demand. As a result, firms that refuse to upgrade to a digitised system will meet greater resistance in the marketplace.
Digitising, while it may appear to be an expensive proposition, will save import-export companies billions of dollars. With the help of technology, consignments can easily be inventoried, shipped, and even financed with a few clicks or push of a few buttons.
Conclusion
In nutshell, exports have been a key driver for boosting the economy and generating employment. It is an important area of development to work for governments the world over and in India.
The world has changed, and this modern era technology has made it move at a much faster, more streamlined pace. Firms are more aware of the state of affairs throughout the world with the availability of information at their fingertips, making the trade business move more rapidly than ever before. If India wants to become an export superpower, it has to embrace this modern age technology.
KSP INC is a prominent manufacturing and export company based out of Noida. The company focusses on a diverse portfolio ranging from bird feeders,Metal Lawn / Garden décor, Fire place accessories & amp Tools to home storage products. Started in 1987, the brand always stayed ahead of the competition through innovative approach and adaptability. One of the notable aspects of the firm is their innate ability to venture and grow in their industry. The management team has a knack of expanding their businesses without compromising their core ethics. The company has faced its share of tribulations in the industry. However, they explored the market for allied opportunities with the available resources.
This has enabled them to progress and led the innovation in the market. The company initially focussed on the manufacturer of diesel engine crankshafts and expanded into production and export of pipeline flanges. The company have 4 operational manufacturing units spread across 112,000 sq ft in Noida. We are also a sociallycompliant company and have been audited by Walmart, Target and Lowes. We currently hold a green rating by Walmart (This is the highest rating that is given by Walmart to companies) Today, they focus on the export of diverse consumer products inclusive of bird feeders, lawn and garden décor, indoor and outdoor furniture, home storage products, home and office organisation tools, fireplace tools & accessories, etc. They have segmented their operations into four major segments – Corporate & Administration, Manufacturing, Finishing and Packaging.
The company strives to develop products that would surpass the client’s expectations. They do not compromise the quality of the elements. They have partnered with major brands across the globe and Present in Global big box retailers in US and European Markets as well.Some of their notable retail partners include Walmart, Lowes, Home Depot, Sainsbury, Ikea and Tesco. Their dedication and perseverance have helped them to maintain their role as a trusted and reliable supplier. The popularity of the company is credited to Mr Puneet Bery. He is a visionary with a penchant for identifying new opportunities. He is proactive and concentrates on the initiation of new business ideas. He finished his graduation from Shaheed Bhagat Singh College. His hobbies include cricket, fitness, theatre and travelling.
Spokesperson – Siddhant Bery
Passion, vision, versatility, strong people skills, and determination to lead and succeed are what defines the new age entrepreneur, Siddhant Bery, who with his innovative ideas and entrepreneurial zeal has become an epitome of accomplishment. Being a disruptive and ardent entrepreneur, Sidhant has been blazing the trail and continues to scale even greater heights in the realm of metal fabrication.
Taking his father’s legacy ahead, Siddhant is leading the organization with his excellent management and team-building skills. As per him, motivation and strong teamwork go a long way toward the success of any organization. He brings a wealth of commercial experience and global exposure to the table, as well as a proven track record of steering businesses to success.
Hailing from Delhi, Siddhant completed his schooling from Shri Ram School. To gain insight into business and obtain global exposure, he completed his Bachelor’s from Cardiff University in Business Economics with first-class honours. Resolved to take his family business to newer heights, he went on to complete his Master’s in a family business programme which helped him in acquiring a more profound comprehension of business operations, the latest methodologies, and tools and techniques.
Siddhant, who does not like to rest on his laurels, has also completed his certification in Financial Engineering and Risk Management from the renowned Columbia University. He added another feather to his cap by becoming a Certified Financial Analyst.The young scion has considerable expertise in a variety of sectors as a result of spending many years honing his leadership abilities in preparation for a larger position. In 2013, he began his professional career as a summer analyst at Deloitte, where he worked as a strategic consultant.
Fuelled by the desire to gain international exposure to further his business, Siddhant worked as a Research Assistant with eminent academicians on a research paper regarding ‘frugal innovation in India’ at the prestigious ‘Cambridge Judge Business School.’ Having acquired a deep understanding of business management, he got the opportunity to work with Ernst & young as a Summer Analyst. For two years after that, he enjoyed a successful stint with leading financial companies like Reliance Capital and Avendus where he worked as Senior Investment Analyst and Senior Quantitative Analyst respectively.
Siddhant, who joined KSP Inc in 2019, brought with him a new perspective on running the firm by effectively utilising global best practices. Despite confronting difficulties such as a fire in one of the factories and the loss of one of their largest clients within a month of joining, it was Sidhant’s resilient spirit and tenacity, that helped turn around the fortunes of dwindling business.
With the fundamental idea that ‘Innovation differentiates a leader from a follower,’ Siddhant concentrated on fusing innovation with technology. He implemented ERP and developed internal systems to interconnect the organization’s many verticals. He then established a new factory of around 80,000 square feet and employed active and passionate young people to work in the company. To get the best results, he thinks that all aspects of a company should be run in a streamlined and methodical manner. He collaborates closely with the OPEX team to provide value to the company’s bottom line by focusing on a cross-functional approach to increase EBITDA.
Speaking on the progress KSP Inc has made, Siddhant says,” The Company initially started off with manufacturing of crankshafts and expanded into production and export of pipeline flanges. KSP Inc. now manufactures a variety of items such as bird feeders, fireplace equipment, garden décor, indoor and outdoor furniture, and home storage. The success of KSP Inc can be judged by the fact that the company clocked around 110 crores last year. It has also received social compliance certification and has been audited by Walmart, Target, and Lowes. It now has a green rating from Walmart, which by no means is a mean feat.”
Siddhant, who is always on the lookout for new business possibilities, saw that the company’s profitability was dependent on the expansion and growth of exports. The pioneer, together with his father, was critical in creating a strong global footprint and growing the international market. Owing to his relentless efforts and commitment, the firm has grown by 50 to 60 percent in the previous two years, making it India’s second- biggest exporter of metal fabrication.
KSP Inc boasts of an impressive line of clients including Walmart, Lowe’s, Tesco, Sainsbury’s, and Staples from the United States, Denmark, Germany, Sweden, Canada, France, and Australia.
Siddhant’s ambition is to make KSP Inc the world’s leading manufacturing business by attaining sustainable and ongoing growth via the application of technology and innovation, since he thinks that technology and innovation are at the heart of all organisations. He plans to revive his home storage goods business because he believes there is a significant opportunity in the untapped market. In the coming years, he plans to concentrate his efforts and time to catering to and expanding this business.
Siddhant enjoys playing chess in his spare time because he appreciates difficulties and believes that the game encourages players to take chances and be spontaneous, all of which are necessary for a successful entrepreneur. He is also a voracious reader and a travel enthusiast.