The Fashion Tech Week Dhaka event held on 15-16th May 2024,  brought together technology service providers, experts, and industry leaders to deliberate on the technology trends and what the future looks like.

The impact of technology including hashtag#industry4 on various aspects of business including design development, virtual sampling , retail, sustainability and traceability, manufacturing, and SCM was discussed.

I had the privilege of speaking on ‘Making the Best out of Tech Investments’.

The key point shared are as follows:

1️⃣ The fashion companies are expected to double the tech investments by 2030 as per McKinsey & Company . Focus would be on hashtag#generativeAI hashtag#demandmanufacturing hashtag#blokchain and traceability, end to end digitalisation and hashtag#sustainableproduction.

2️⃣ While making investment decisions, it is important to get clarity on the real reason behind the investment. What are we trying to achieve? Whats is the strategic objective?

3️⃣ It is important to optimally utilize the existing investments before making new large investments, as current productivity hashtag#paradigm could also affect the returns on new investments💲💲and can affect its viability/ payback period.

4️⃣ Supplementary investments in tech solutions like real time performance reporting, or re-engineering can help leverage the existing investments substantially. But remember, real time data on its own won’t lead to performance improvement. Your people need to be trained for using it effectively.

5️⃣ Always try to understand the potential results and hashtag#ROI by visiting and or speaking with existing users of the tech solutions. Understand the efforts put in by them to ensure success.

6️⃣ Base your ROI calculations on real life results, than using the projected results of the tech solution providers. Remember ideal conditions do not exist.

7️⃣ Most importantly, keep in mind that a large number of tech implementation projects fail, not because the solution was not good, but due to inadequate hashtag#ChangeManagement efforts and or capabilities of the companies. It is important to appoint a project champion, prepare the team and negotiate sufficient training support from the solution provider. This can make or break the initiative.

8️⃣ Remember your multi-million dollar 💰 aircraft ✈️ is as good as the pilot that flies it.

9️⃣ The tech implementation or management systems projects, if implemented well, can provide significant results with enviable ROI💰💵. This was supported by use cases involving reengineering of an automated cutting plant, digital transformation of a manufacturing facility and investment in worker upskilling and productivity, each showing excellent returns on investment.

🔟 In an environment where apparel manufacturers are struggling with increasing cost of production and increasing demands on ESG, strategic investments in tech and management systems if implemented well can boost 🚀hashtag#competitiveness and hashtag#profitability.