In an interaction with the Industry Outlook magazine, Partik Munjal, CEO, Pika Exports explains about the market challenges in the textile export industry and the strategies that would be helpful in overcoming them.
An active angel investor across e-Commerce and fashion industries, Partik joined Pika Exports in 2016 and since then has been instrumental in formulating efficient business strategies for the company.
The textile industry most often has a variety of supply chain networks in order to diversify the suppliers worldwide. This is because today, the Indian textile industry is not based on any specific country. After the Modi government's launch of Atmanirbhar Bharat Abhiyaan, 90 percent of the textile industry is now based in India itself, wherein both the raw materials sourcing and machinery manufacturing are done domestically. As a result, there are very less chances of global supply chain disruptions hindering the Indian textile industry. DGCA - the global Director General of exports gives us weekly updates on the current global exports situation and even offers information on things that might happen in the global export supply chain in the upcoming days. This has also been very helpful for us in having a clear forecast of the global export and supply chain scenario. Additionally, since we are having a very flexible production nowadays, the chances of withholding the manufacturing process due to any reason is close to zero.
Partnerships within the textile industry with domestic as well as overseas companies are very important in today’s dynamic business landscape. Since maintaining a competitive pricing is critical for every business, we do a lot of partnership with manufacturers in China, Indonesia, Sri Lanka and many other countries where the cost of raw materials is very cheap compared to the availability in our country.
AI/ML will no doubt be the most disruptive technologies for the export industry in 2024. These technologies will specially be helpful in quality assurance, supply chain management and many others. AI/ML are not only automating many manual, repetitive tasks, but are also reducing errors to a great extent by even taking care of critical processes where chances of human error is more. Additionally, we can also implement blockchain into our ERP systems to get real time updates on the production process. Furthermore, digitization has disrupted the entire global business fraternity, wherein every company irrespective of its size or industry has a social media presence. As a result, digitization has opened-up massive avenues of business opportunities for export companies.
Today, most of the countries in the west lay a very strong emphasis on the compliance of factories in India because of the numerous regulations that are mandatory to be followed in the EU. As a result, certifications such as QMS, SA8000 and OEKO-TEX are today more important than ever before. Since it is now mandatory to have a QMS in every manufacturing unit, we have implemented an efficient QMS in terms of having a detailed attendance register with in-out details of each employee, clear drinking water, fire alarms & extinguishers on every floor and many others. We are also ISO 9001: 2015 certified, which gives a complete picture about the quality of our products. Additionally, we do a quarterly reassessment of this and even have periodic audits under SA8000 management system. It is mainly through these certifications that we convince our overseas buyers about the quality of our products. These practices have helped us gain widespread recognition in the industry as one of the most compliance-specific companies in the textile market today.