By Michael Murphy, VP of Emerging Markets, Librestream
Michael Murphy is the Vice President of Emerging Markets for Librestream Technologies Inc. He is an engineer by training and has a Ph.D. in Electronic Engineering and BSc in Physics. Michael has more than 25 years of experience in sales, marketing, product development and product line management in different high technology sectors.
India’s augmented reality (AR) market stood at USD 1.83 billion in 2020, and this is forecasted to grow at a compound annual growth rate (CAGR) of 38.29% until 2027, which is driven by India’s increased efforts to transform its workforce with AR and VR, including the impact of COVID-19 on business continuity.
In addressing this opportunity, Librestream has taken steps to expand into India with an in-region office with sales and support staff. I recently sat down with Sandeep Hardikar, Executive Sponsor of Librestream India, to get to know the team and understand the unique market challenges the team can help solve for businesses.
Sandeep, first, thanks for talking to me! Can you tell me about the fantastic team you’ve recruited to represent Librestream India?
Thanks for interviewing me. I want to start by saying that this expansion in India will have such a positive impact on our industrial workforce. The pandemic brought manufacturing in India to a halt, an industry valued at nearly USD 400 billion. This impacted thousands of jobs and the country’s ability to meet consumer demands. AR can offer manufacturers the ability to operate even in disruptive and unprecedented times by limiting physical human interaction while enabling deeper collaboration and knowledge sharing. When we decided to launch Librestream India, we knew we had to put together a team of experts who understood the unique market and the impact Onsight would have on our critical industries. I am glad that we now have a high-performing team of Deep-Tech enthusiasts focused on positive outcomes for clients. The Librestream India team includes:
- Mohnish Rathod – Mohnish is our Inside Sales and Technical Representative. His background in computer application and expertise in Cybersecurity & Digital Marketing makes him an ideal fit for this role.
- Parag Suvarna – Parag is our Client Engagement & Sales Representative for key verticals like Manufacturing, Automotive, Energy & Utilities. He developed a keen interest in AI and AR after spending over five years in the information technology and services industry.
- Swapnil Bang – Swapnil, our Client Engagement and Sales Representative, is focused on key verticals like Pharma, Life Sciences, Consumer Goods and Retail. He is an electronic engineer and a tech enthusiast. He’s excited to guide clients through innovations in the AI/ AR space.
What do you think are some critical industry challenges that AR can help solve in India?
The pandemic changed the way we work in India. This is especially true for industrial workforces that were accustomed to conducting surveys, repairs, and inspections in person with their extended teams and subject matter experts (SMEs). To ensure safety, several businesses had to rethink how they were going to complete these mission-critical tasks while keeping their workforce safe—this is where AR-enabled enterprise solutions came in. Not only does a solution like Onsight reduce the need for in-person meetings, but it also enables teams to collaborate remotely and train workers, build a knowledge base and overcome language barriers through AI translations and transcriptions. AR also helps businesses reduce costs associated with bringing SMEs on-site and ensure compliance and quality through guided workflows and remote inspections.
What are some ways companies can use AR for improved business outcomes in India?
Organizations that invest in AR continually find new use cases and new business units to scale this technology to. We know that augmented reality capabilities and the opportunities to use them to improve efficiency are endless, but, in my experience, the most common use cases for this technology are:
- Remote Assistance and Collaboration:
With AR-enabled remote expert capabilities, organizations can ensure that their workers have access to experts and the information they need, regardless of their location or the language they speak. All they need is internet and a compatible device to connect with a team member or SME over a live video call.
- Training and Onboarding:
With a high rate of retiring baby boomers, AR can help workforces improve training and onboarding processes. Onsight can help train new workers on the job while ensuring reduced errors with digital work instructions. With this capability, workers can complete tasks by following a step-by-step workflow, submitting reports, and receiving their supervisors’ digital sign-off.
- Knowledge Capture and Sharing:
Knowledge loss can critically hinder an organization’s ability to meet the demands of their consumer. Over 80% of a business’ knowledge remains undocumented. This means that when an employee leaves or retires, they take critical institutional knowledge with them. AR can help organizations not only preserve this critical knowledge but also help build an easy-to-use secure knowledge base that ensures your workers have the information they need at the job site.
What steps does an organization in India need to take to start the process of digitization?
The first step to starting your digital transformation journey is identifying key technology providers in the space. Organizations should consider partnering with providers that have a proven track record, offer a range of device compatibility, and have a robust and customizable AR experience designed to fit your needs.
Next, you want to identify a critical use case or business unit that you want to integrate AR into. I recommend starting with a select few use cases. This will help narrow your area of focus, really familiarize yourself with the technology and get first-hand feedback from primary users. But before an organization can pilot the technology, it is critical they get executive and worker buy-in. Once the workforce is on board, companies can launch their pilot programs.
Finally, if an organization identifies proven benefits during the pilot program, it can move forward with scaling and identifying additional use cases and business units.
I’m thrilled to welcome our India team aboard! With this expansion, we are confident that our tech stack will offer businesses in the region a customizable AR experience designed to meet the needs of their business and their deskless workforces. To connect with a member of Librestream India, please email Sandeep Hardikar at Sandeep.Hardikar@Librestream.com.